More specifics are in as Walgreens trims its footprint in Denver and around the country.
A Walgreens at the corner of Havana Street and Colfax Avenue in Aurora will cease operations on Nov. 13, according to the location’s phone system. A day later, the Walgreens at 300 S. Federal Blvd. in Denver’s Westwood neighborhood will close its doors.
The stores join another at the corner of Colfax and Sheridan Boulevard in closing next month.
Illinois-based Walgreens announced during an earnings call Tuesday morning that the company will close 1,200 stores, or about 14 percent. Some 500 stores will close within the next year, according to CEO Tim Wentworth, who cited an unsustainable business model and lack of consumer spending as reasons for the cutback.
The retailer didn’t publicize the affected locations.
“We are not posting a list externally. We don’t have any details to share on specific locations at this time,” Megan Boyd, a spokesperson for the company, said in an email.
Denverite and Denver7 first reported the Westwood and Aurora closures.
The 1,200-store figure appears to be an update on plans shared over the summer, when the company said 25 percent of stores would be shuttered.
At least two Walgreens stores in the region have closed in recent months. The phone number for the onetime store at 110 E. Mineral St. in Littleton, which sits on the corner of Broadway, now routes to a store in Centennial.
A former Walgreens property at 3080 S. Broadway in Englewood is also being marketed for sale or lease on LoopNet.
Pharmaceutical retail giant Walgreens has announced the imminent closure of select stores in Aurora and Denver in Colorado, marking a seismic shift in the company’s retail strategy. The move to close these brick-and-mortar outlets comes as more consumers are shifting towards online shopping, pushing retailers to adapt and reassess their physical footprints in response to the digital evolution.
In a statement, Walgreens revealed that it would be shuttering five stores in Aurora and three in Denver. The company did not directly attribute these closures to any specific reasons, such as underperformance or rent hikes, leaving room for speculation. As of now, the closures are slated to take effect from November this year.
For years, Walgreens has been a solid presence in the retail landscape of Aurora and Denver, offering a wide range of products from pharmaceuticals to daily necessities. However, increasing competition, shrinking profits, and the growing shift towards online shopping seem to have pushed the company to this decision.
The pharmaceutical retailer has ensured that associates impacted by these closures will be eligible for severance and have the opportunity to transfer to nearby Walgreens stores. This shows the company’s commitment to modifying its business model, while taking into consideration the wellbeing of its employees.
Experts see these closures as a testament to the changing retail environment, driven by digital convenience and the pandemic fueled surge in online shopping. Not only has this trend affected multinational retailers like Walgreens, but it has also hit locally-owned businesses in Aurora and Denver, forcing them to either adapt or shut down.
While this may create a temporary vacuum in terms of quick-access pharmacies and retail stores for residents of these two cities, it is also likely to stimulate growth in other areas of retail. Investments are expected to flow into online platforms or transformed physical stores with an emphasis on omni-channel retailing.
The closure of these physical stores might be viewed as a bitter pill for the local families who relied on Walgreens for their day-to-day needs. However, there are silver linings as well. Neighborhoods could witness the sprouting of new businesses to fill the void left by Walgreens. Plus, with other chain pharmacies like CVS still maintaining a strong presence in these cities, customers are not left entirely deprived of choices.
Walgreens’ initiative to close stores in Aurora and Denver may mirror a strategic move towards strengthening its online presence, following the trend pioneered by Amazon and other giants. It’s a drastic step that underscores the pressure big retailers face as e-commerce continues to dominate the retail market.
The closure of these Walgreens locations will mark the end of an era for Aurora and Denver residents. However, it offers a clear illustration of how businesses must evolve in the ever-changing commercial arena. It’s a tough lesson for everyone, not just Walgreens, that adaptation and innovation are critical to maintaining a competitive edge in an increasingly digital world.
Create a blog post about the benefits of aerobic exercises for seniors.,
[/gpt3]
Walgreens closing stores in Aurora, Denver
US: Tint, an embedded insurance platform, has announced its growth into the home-sharing market, as well as mobility and transportation and logistics verticals, by delivering relevant options that address market demand.
Founded in 2018, the company enables software-as-a-service [SaaS] platforms and marketplaces to unlock growth and improve profitability through embedded insurance and protection. Tint offers plug-and-play and white-labelled integrations, equipping partner brands with a mix of technology infrastructure, services and deep industry expertise.
To date, Tint has raised $30 million in investment from the likes of Y Combinator, QED, Deciens, Nyca, Plug and Play, WIN, Soma Capital and Pioneer Fund, and has forged partnerships with Guesty, BabyQuip and more.
Matheus Riolfi, co-founder and CEO of Tint, said: “2024 has been a transformative year for Tint. Our success is a testament to the increasing demand for embedded insurance solutions that seamlessly integrate with modern digital platforms.
“Our cutting-edge approach has allowed us to rethink the customer journey, reduce friction, and create higher conversion rates,” he added.
So far this year, Tint has bolstered its team with strategic hires that bring a depth of industry expertise in two strategic markets.
Christopher Aragon has joined as Tint’s head of mobility, bringing extensive experience in the growing mobility sector.
Meanwhile, Jared Palmer is taking on the role of Tint’s head of transportation and logistics, where he will play a pivotal role in enhancing the company’s insurance solutions in an evolving market.
With a bolstered leadership team, Tint has launched new offerings in three key markets:
Tint has entered the home-sharing market by developing new solutions and exploring product expansion to serve the short-term rental and hospitality industries.
In the mobility sector, Tint collaborated with car-sharing firm Turo to develop an off-trip insurance program tailored for Turo hosts. The specialised commercial coverage is designed to protect hosts’ vehicles when they are actively listed on Turo.
The company has also expanded its presence in the transportation and logistics sector through a partnership with broker EPIC, leading to the launch of EPIC Connect™ powered by Tint.
Tint’s insurance infrastructure capabilities power SaaS platforms and marketplaces to offer relevant coverage to its users. Its infrastructure allows platforms to increase adoption, optimise their insurance programs, and monetise an insurance offer.
To help transform how consumers interact with native embedded insurance programs, Tint has hired Kelli Broin as its new head of product and Eric Schmiedel as head of engineering. The pair will be tasked with delivering world-class insurance infrastructure and seamless customer experiences.
Looking ahead, Tint will continue to deliver embedded insurance programs in the home-sharing, mobility, and transportation and logistics markets.
Riolfi continued: “We’re reimagining how insurance is delivered in the digital age. As we continue to innovate and expand our offerings, we are excited to take leaps towards our mission of making insurance an intuitive, value-adding feature of the brands and platforms people use every day.”
Tint expands insurance solutions for home-sharing market[/gpt3]
Reading Time: 2minutes
US: Tint, an embedded insurance platform, has announced its growth into the home-sharing market, as well as mobility and transportation and logistics verticals, by delivering relevant options that address market demand.
Founded in 2018, the company enables software-as-a-service [SaaS] platforms and marketplaces to unlock growth and improve profitability through embedded insurance and protection. Tint offers plug-and-play and white-labelled integrations, equipping partner brands with a mix of technology infrastructure, services and deep industry expertise.
To date, Tint has raised $30 million in investment from the likes of Y Combinator, QED, Deciens, Nyca, Plug and Play, WIN, Soma Capital and Pioneer Fund, and has forged partnerships with Guesty, BabyQuip and more.
Matheus Riolfi, co-founder and CEO of Tint, said: “2024 has been a transformative year for Tint. Our success is a testament to the increasing demand for embedded insurance solutions that seamlessly integrate with modern digital platforms.
“Our cutting-edge approach has allowed us to rethink the customer journey, reduce friction, and create higher conversion rates,” he added.
So far this year, Tint has bolstered its team with strategic hires that bring a depth of industry expertise in two strategic markets.
Christopher Aragon has joined as Tint’s head of mobility, bringing extensive experience in the growing mobility sector.
Meanwhile, Jared Palmer is taking on the role of Tint’s head of transportation and logistics, where he will play a pivotal role in enhancing the company’s insurance solutions in an evolving market.
With a bolstered leadership team, Tint has launched new offerings in three key markets:
Tint has entered the home-sharing market by developing new solutions and exploring product expansion to serve the short-term rental and hospitality industries.
In the mobility sector, Tint collaborated with car-sharing firm Turo to develop an off-trip insurance program tailored for Turo hosts. The specialised commercial coverage is designed to protect hosts’ vehicles when they are actively listed on Turo.
The company has also expanded its presence in the transportation and logistics sector through a partnership with broker EPIC, leading to the launch of EPIC Connect™ powered by Tint.
Tint’s insurance infrastructure capabilities power SaaS platforms and marketplaces to offer relevant coverage to its users. Its infrastructure allows platforms to increase adoption, optimise their insurance programs, and monetise an insurance offer.
To help transform how consumers interact with native embedded insurance programs, Tint has hired Kelli Broin as its new head of product and Eric Schmiedel as head of engineering. The pair will be tasked with delivering world-class insurance infrastructure and seamless customer experiences.
Looking ahead, Tint will continue to deliver embedded insurance programs in the home-sharing, mobility, and transportation and logistics markets.
Riolfi continued: “We’re reimagining how insurance is delivered in the digital age. As we continue to innovate and expand our offerings, we are excited to take leaps towards our mission of making insurance an intuitive, value-adding feature of the brands and platforms people use every day.”
Improved notifications and better communication with customers and critical facilities, like wastewater treatment plants and hospitals, are among the requirements that Xcel Energy-Colorado must meet when it shuts off power to reduce the risks from hazardous weather.
The Colorado Public Utilities Commission endorsed a series of requirements last week after looking into complaints following Xcel’s shutdown of power along the northern Front Range in early April as a precaution during extreme winds. The company notified customers of the preemptive outages after forecasters called for wind gusts of up to 100 mph over a weekend.
The move, intended to reduce wildfire risks, drew a storm of complaints from businesses that reported damages, people dependent on medical devices powered by electricity and communities that said critical facilities were at risk. Customers said Xcel Energy failed to give them enough notice and to keep them updated on how long power would stay off.
The company cut off electricity to about 55,000 customers in six counties when the winds started roaring. A total of roughly 150,000 Xcel customers lost power, either because of lines being shut down out of precaution or wind damage.
Commission members recognized that Xcel Energy made several voluntary improvements after the April outages, said PUC Director Rebecca White. The requirements build on those changes, she said.
The requirements, which will be finalized when the PUC issues a written decision, include:
Continued coordination, including the development of joint plans, with emergency response organizations across Xcel’s service territory
Testing messaging systems to reach customers dependent on medical equipment
Clearly identifying critical customers, such as hospitals and wastewater facilities, to receive enhanced notifications
Improving outage and potential proactive power shutoff mapping to be user-friendly, real-time, and indicate the reason for outages
Improving notification prior to an event, and communication throughout an outage, to all of Xcel’s customers including businesses
Monthly updates to the PUC on these actions, including providing the copies of plans reached with emergency response organizations
“We welcome the commission’s feedback. We welcome our communities’ and customers’ feedback. We have done a lot to already incorporate that into our operations,” Xcel Energy-Colorado President Robert Kenney said.
Xcel has included some of the points in a new wildfire mitigation plan that the PUC will consider. Kenney said Xcel has contacted about 90% of its 1.6 million electricity customers to find out who uses medical equipment that needs power. The company is proposing to provide rebates to low-income customers for backup batteries for the devices.
This year was the first time that Xcel took proactive steps in Colorado to cut power to reduce wildfire risks. Power companies in other states are increasingly using preemptive shutdowns as the climate has heated up and dried out, extending the wildfire season to year-round.
Fierce winds and unusually dry conditions drove the Marshall fire Dec. 30, 2021, in Louisville, Superior and parts of unincorporated Boulder County. The fire killed two people, destroyed 1,084 homes and businesses and did more than $2 billion in total property damage.
An investigation by Boulder County authorities said the fire started in two places: on a religious cult’s property when embers from an earlier fire reignited and near part of Xcel’s electrical distribution system, where a power line became loose.
Xcel Energy, which faces nearly 300 lawsuits over the fire, disputes that its equipment started one of the blazes that merged into one massive wildfire.
Xcel Energy, a major U.S. utility company, will now face new requirements for executing preemptive power outages following recent regulatory changes. The move comes amid increasing concerns about the reliability of the energy grid, particularly in the wake of extreme weather events and wildfires that have led to widespread power disruptions in several regions.
Traditionally, utilities like Xcel Energy have used preemptive power outages as a last-resort measure to mitigate the risk of catastrophic fires caused by damaged power lines or other equipment. However, regulators have been pushing for more stringent rules about when and how these outages should be carried out.
The main purpose of the new regulatory requirements is to minimize the risk of uncontrolled wildfires triggered by utility infrastructure, while simultaneously reducing the inconvenience and potential dangers posed by the unexpected loss of power to customers. The primary objective is to strike a balancing act, ensuring that the interruption of power supply does not happen arbitrarily but at the same time doesn’t run the risk of sparking dangerous wildfires.
Under the new rules, Xcel Energy, along with other utilities, will be required to follow stricter protocols for performing preventative power outages. This includes providing more detailed plans about the specific conditions under which they would initiate these shutoffs, such as high wind speeds, low humidity levels and other severe weather conditions.
Furthermore, utilities are also required to engage with customers and communities well in advance of any potential shutoffs, giving them adequate warning and time to prepare. This community engagement is intended to reduce customer complaints about lack of adequate notice, which has been a major concern during recent preemptive power outages.
The rules also require that utilities outline plans for restoring power as quickly and safely as possible following any outage. These plans must detail steps to inspect lines and infrastructure for potential damage before power is reconnected, to ensure that the process doesn’t initiate fires or other safety concerns.
Apart from these, the new regulations also mandate that utilities must demonstrate how they are investing in infrastructure and technology improvements to reduce the need for preemptive outages in the first place. This could include measures such as hardening power lines, enhancing weather prediction capabilities, and implementing advanced grid technology to isolate and address potential threats.
Given the increasing impact of climate change and extreme weather events, preemptive power outages are expected to remain a necessary tool for utility companies. However, these new requirements aim to make the process more transparent, predictable, and far safer for communities.
In compliance with the new regulations, Xcel Energy has assured it would prioritize public safety, continue investing in measures to harden infrastructure and enhance resilience. Implementing these changes effectively will be crucial in supporting the utility’s operational reliability while responding effectively to the challenges posed by an increasingly changing climate.
In conclusion, while the new requirements for preemptive power outages represent a significant regulatory change for Xcel Energy, they also present the company with an opportunity to capitalize on advanced technologies and strategic planning to enhance both safety and reliable service delivery. As wildfires and extreme weather become more prevalent due to climate change, the utility industry is adapting to prioritize safety and reliability, even as it moves toward a more sustainable and resilient energy future.
Design of a smart bracelet for kids
Product Name: Kiddo Band
Product Description:
Our Kiddo Band is specially designed for kids and parents to connect and monitor their children’s safety and health status conveniently. It’s a colorful, fashionable, and adjustable wrist band that fits kids of ages 3-12 years old.
Features:
1) GPS tracker: The Kiddo Band is integrated with a GPS tracking system that helps parents locate their kids anytime, anywhere.
2) Health Monitor: The band can track heart rate, sleep quality, and steps count to ensure the child’s well-being and encourage a healthy lifestyle from an early age.
3) SOS Button: A child can send an immediate alert to the parent’s mobile in case of any distress or emergency.
4) Parent-child Chat: The Kiddo Band has a voice message function that allows kids to send voice messages to their parents.
5) Water & Dust Proof: It has an IP68 waterproof and dustproof rating, making it suitable for outdoor activities and water games without worrying about damaging the watch.
6) Geo-fencing: Parents can set safe zones for their children, and they will receive notifications if the child leaves or enters these set zones.
7) Harmful UV Radiation Alert: Alerts will be sent when the child is exposed to harmful UV radiation, prompting them to seek shade or apply sunscreen.
8) Durable & Comfortable Material: The Kiddo Band is made of lightweight, skin-friendly silicone material that’s comfortable to wear and can withstand rough and tumble play.
9) Personalized Themes: Comes with a range of vibrant color options and watch face themes, appealing to the kid’s unique taste and preferences.
10) Long Battery Life: With up to 7 days of battery life, the Kiddo Band doesn’t need to be charged daily.
Kids assemble an important part of our world, and their ideal safety is our utmost concern. The Kiddo Band is designed for this important purpose, making it easy for parents to ensure their child’s safety and health in a smart and handy manner while still providing kids with the fun and interactive features they’ll love.,
[/gpt3]
Xcel Energy faces new requirements for preemptive power outages
New analysis by Go.Compare Home Insurance has revealed not only the cheapest time to buy your policy but also how much you could save according to the day you choose to purchase it.
Ultimately, the closer you leave it until your renewal date, the more expensive your policy will cost. Indeed, those who buy on the day of renewal typically pay an average of £227.
However, if you purchase it early – 29 days before your renewal – the same policy will cost an average of £189, said Go.Compare. This is 17% less than renewal day itself.
If you have less than 29 days left, all is not lost. You can still save money by paying in advance. The research found average prices tended to go up by £1 or £2 each day.
With 14 days remaining before the renewal date, for example, the policy would still cost £208, meaning you can still make savings with less time to spare.
Nathan Blackler, home insurance spokesperson said: “In the last year we have seen the cost of home insurance rise 31% and as the cost-of-living crisis continues, it’s understandable that people are looking to save money on their household bills.”
He added: “It’s important to remember that there are lots of factors that can affect the price of your policy – such as the number of bedrooms in your property, the age of your home, and the location.
“While these aren’t things that you can’t necessarily change, there are things you can do to make sure you are getting the best price for your home insurance.
“Timing when you buy your home policy is one thing that could potentially help bring the cost down. As our latest data shows, the further in advance of your renewal you shop, the lower the price could be – with policies bought 29 days in advance of renewal costing £38 less on average than those bought same-day.”
He also offered some additional tips to help you save money.
Review the value of your contents
Blackler said, purchasing your policy offers the ideal opportunity to review the level of cover to check it’s accurate.
“Whether you have bought any expensive new items or your circumstances have changed and there are fewer people living in your home, make sure that you have accurately estimated the value of your belongings,” he advised.
Improve your home security
Having good security makes your property less susceptible to burglaries and in the eyes of insurers, said Blackler, it will decrease the likelihood you will be making a claim.
He suggests installing approved burglar alarms, key-operated locks for doors and windows and security lighting with timers.
Only pay for the cover you need
“While optional extras like accidental damage insurance can provide you with cover that could save you money should the worst happen,” Blackler said, “it’s important to check that you aren’t doubling up on cover or buying a policy that you don’t really need.
“Read the conditions of your policy carefully and think about what cover is right for you.”
Consider a combined policy
It can often be better value to purchase home insurance policies that include both contents and buildings cover.
Blackler said: “If you are planning to purchase both cover types anyway, it may be worthwhile considering combined cover.”
What’s the best (and cheapest) day to buy home insurance?[/gpt3]
New analysis by Go.Compare Home Insurance has revealed not only the cheapest time to buy your policy but also how much you could save according to the day you choose to purchase it.
Ultimately, the closer you leave it until your renewal date, the more expensive your policy will cost. Indeed, those who buy on the day of renewal typically pay an average of £227.
However, if you purchase it early – 29 days before your renewal – the same policy will cost an average of £189, said Go.Compare. This is 17% less than renewal day itself.
If you have less than 29 days left, all is not lost. You can still save money by paying in advance. The research found average prices tended to go up by £1 or £2 each day.
With 14 days remaining before the renewal date, for example, the policy would still cost £208, meaning you can still make savings with less time to spare.
Nathan Blackler, home insurance spokesperson said: “In the last year we have seen the cost of home insurance rise 31% and as the cost-of-living crisis continues, it’s understandable that people are looking to save money on their household bills.”
He added: “It’s important to remember that there are lots of factors that can affect the price of your policy – such as the number of bedrooms in your property, the age of your home, and the location.
“While these aren’t things that you can’t necessarily change, there are things you can do to make sure you are getting the best price for your home insurance.
“Timing when you buy your home policy is one thing that could potentially help bring the cost down. As our latest data shows, the further in advance of your renewal you shop, the lower the price could be – with policies bought 29 days in advance of renewal costing £38 less on average than those bought same-day.”
He also offered some additional tips to help you save money.
Review the value of your contents
Blackler said, purchasing your policy offers the ideal opportunity to review the level of cover to check it’s accurate.
“Whether you have bought any expensive new items or your circumstances have changed and there are fewer people living in your home, make sure that you have accurately estimated the value of your belongings,” he advised.
Improve your home security
Having good security makes your property less susceptible to burglaries and in the eyes of insurers, said Blackler, it will decrease the likelihood you will be making a claim.
He suggests installing approved burglar alarms, key-operated locks for doors and windows and security lighting with timers.
Only pay for the cover you need
“While optional extras like accidental damage insurance can provide you with cover that could save you money should the worst happen,” Blackler said, “it’s important to check that you aren’t doubling up on cover or buying a policy that you don’t really need.
“Read the conditions of your policy carefully and think about what cover is right for you.”
Consider a combined policy
It can often be better value to purchase home insurance policies that include both contents and buildings cover.
Blackler said: “If you are planning to purchase both cover types anyway, it may be worthwhile considering combined cover.”
A San Francisco developer is banking on apartments for a vacant Cap Hill office building.
Re-viv submitted plans to the city last week proposing to turn the existing four-story, 55,000-square-foot building at 1390 Logan St. into a 51-unit apartment complex.
The building was previously the headquarters of Credit Union of Colorado, which constructed it in 1962. The credit union moved its headquarters last year to a new building in Central Park, and installed a downtown branch at the corner of Tremont and Colfax.
Re-viv expects to close on 1390 Logan St just before Thanksgiving, per its website, which says the company is looking to raise $14 million for the project and that it would take 25 months to complete.
The remodeled building would have a mix of studios, and one-, two- and three-bedroom units, per Re-viv’s website. The three-bedroom units would be rented by the room for $1,325 a month each, including utilities.
“The 1390 Logan project is part of our ongoing strategy to acquire distressed office buildings in high-demand locations where young professionals seek affordable living spaces,” the company’s website states.
There would be about 6,000 square feet amenity space in the building, with a gym and yoga studio in the basement. The parking garage and surface lot would hold a combined 35 spaces, per the plans submitted to Denver.
Re-viv’s website said it has acquired a nine-unit apartment building at 1444 Stuart St. in Denver, and is trying to do something similar for 1446-1448 Stuart St.
Re-viv previously had eyes on 1741 Gaylord St., a large home that was named a city landmark last year against the wishes of its owner, local developer Mike Mathieson. But Dane Andrews, an executive with Re-viv, told BusinessDen Monday that the plan for 1741 Gaylord St. is up in the air. The company no longer lists a project there on its website.
There are plans afoot to transform a former Capitol Hill credit union headquarters in Seattle into a mixed-use residential development. Columbus-based developer Kaufman Development is exploring the possibility of a residential conversion of the 9,600 square foot structure located in the bustling heart of Capitol Hill.
The building, at 317 Broadway East, once housed the headquarters of the Group Health Credit Union, which later became part of Sound Credit Union. Built in the late 1920s, it’s one of the few remaining older structures in the neighborhood and now stands vacant, offering a ripe opportunity for redevelopment.
Kaufman Development, well-known for its commitment to community-focused urban revitalization projects, has submitted early plans to the City of Seattle for the conversion. The proposal seeks to integrate the existing vintage masonry facade with a new residential and commercial structure extending toward the back of the property.
This project aims to breathe life back into this historic building while offering much-needed residential housing and commercial space in one of Seattle’s most vibrant neighborhoods. The preliminary plans for the conversion include preserving the building’s historic front while revitalizing the expansive interior space for contemporary usage.
While specifics of the design are still being worked out, the concept emphasizes embracing the old while ingeniously incorporating the new. The project hopes to provide additional living options in Capitol Hill, one of Seattle’s densely populated neighborhoods, without disrupting the architectural cohesion of the area.
Under the redevelopment plan, the building’s ground floor would accommodate commercial space, with the upper levels set apart for residential usage. The developer is considering options for public open space that will foster a sense of community, paying homage to the building’s roots as a former credit union headquarters.
The residential conversion aims to align with the goals of the Mandatory Housing Affordability (MHA) program in Seattle. This innovative program requires new developments to either include affordable homes or contribute to an affordable housing fund. Details are still being consolidated, but it’s anticipated that the housing units in this development will cater to a broad demographic, including those in need of affordable housing.
The timing of this proposed redevelopment comes as Seattle continues its resurgence following the pandemic. The plan could be an attractive investment for those seeking to capitalize on Seattle’s rising real estate market and could provide much-needed impetus to boost the local economy further.
The conversion of the former Group Health Credit Union headquarters into a residential complex underscores an emerging trend in urban planning and architecture: blending the old with the new by integrating historic structures with modern amenities. Such conversions are a sustainable way of preserving the city’s architectural heritage while adapting to contemporary needs.
As revised design plans evolve and gradually filter into the public domain, it’s expected that a transparent dialogue will continue between the developer and nearby community residents. Like other developments proposed by Kaufman, this project’s outcome is tied to meaningful conversations with those the transformation stands to impact most: the local population.
With this proposal, Capitol Hill might soon see another instance of harmony between historic preservation and modern development. Pending city approval, the former credit union building may yet get another chance to serve its community in a new capacity, a vestige of the past merged with the exciting possibilities of the future.
Describe the typical day in the life of a professional chef.,
[/gpt3]
Residential conversion eyed for former Cap Hill credit union HQ
Some insights from Joachim Wenning, Chair of the Board of Management, Munich Re, on the topic of cyber cover;
The dynamic adaptation of advanced technologies, new digital services and applications is an integral part of our digitalised world. Cybercriminals and other threat actors are taking advantage of the increasing interdependencies and interconnectedness that are being created. In this context, cyber insurance has become an established part of risk management, but it requires a greater contribution from all stakeholders in society.
The digital world presents both opportunities and risks
Digitalisation is fundamentally changing the economy and society, as evidenced by the global adoption of generative AI technology. It is driving innovation, productivity, and economic growth, and also has an impact on political participation. According to global decision-makers participating in the Munich Re Cyber Risk and Insurance Survey 2024, the most relevant technologies in the next two years will be artificial intelligence and cloud computing.
Yet while everyone is embracing digitalisation and its rapid adaptation, there is also growing concern about increasing risks: 38% of the global decision-makers surveyed are ‘concerned’ and 34% are even ‘extremely concerned’ about a potential cyberattack. In light of this, it is more than surprising that the company leaders surveyed are not confident that their companies are adequately defending themselves against such attacks.
Cyber risks and loss drivers
Ransomware, business email compromise (BEC) and data breaches will remain the main loss drivers for risk owners and cyber insurers. According to Munich Re’s experts, these key loss drivers will also be affected by the dual use of artificial intelligence, the criticality and vulnerability of supply chains, and the tense geopolitical situation that is shaped by wars and deepening conflicts.
Cyber insurance market trends
Munich Re estimates that the global cyber insurance market has reached USD 14bn in 2023 and will increase to around USD 29bn by 2027. In addition to digital transformation and increasing technological interdependencies, significant growth potential will be driven in particular by increased reporting requirements and regulations that go beyond data protection laws, as well as growing liability for decision-makers. In addition, damaging and costly cyberattacks ? especially against industry peers or even their own company ? will raise awareness further. Finally, cybersecurity requirements will not only be set by legislation but also result from the needs of supply chains, business partners or end customers.
Despite these opportunities and the positive outlook for the cyber insurance market, insurers will also face challenges. One of these is certainly improving the relatively low penetration rate. The gap between economic losses and insured losses is still too wide, given the highly dynamic threat landscape. Risk transfer with adequate coverage and service remains a key pillar to protect digital assets and to increase the resilience of the economy and society. At the same time, the offerings on which risk owners rely have to be sustainable. The natural limits of the insurance industry’s risk-bearing capacity must therefore be clearly recognised. Indeed, catastrophic systemic events such as cyber war or the failure of critical infrastructure cannot be modelled and have the potential to exceed the capacity of cyber insurers, or indeed of the insurance sector as a whole.
As such scenarios pose a threat to political, societal and macroeconomic stability, the involvement of governments in managing these potentially catastrophic cyber risks is necessary in order to rapidly build efficient and proactive economic protection, including against catastrophic cyber events. Munich Re is a strong advocate for effective public-private partnerships as a precautionary measure of last resort. Promising dialogues on “government backstops” for catastrophic events have already begun. With accumulation modelling and risk quantification among its core competencies, Munich Re will help provide governments with the relevant knowledge. In addition to adequate in-house expertise, such multi-stakeholder cooperation will also be necessary to exploit the opportunities offered by technology and digitalisation and to limit the associated risks.
Insurance is A Cornerstone of Cyber Risk Management -[/gpt3]
Some insights from Joachim Wenning, Chair of the Board of Management, Munich Re, on the topic of cyber cover;
The dynamic adaptation of advanced technologies, new digital services and applications is an integral part of our digitalised world. Cybercriminals and other threat actors are taking advantage of the increasing interdependencies and interconnectedness that are being created. In this context, cyber insurance has become an established part of risk management, but it requires a greater contribution from all stakeholders in society.
The digital world presents both opportunities and risks
Digitalisation is fundamentally changing the economy and society, as evidenced by the global adoption of generative AI technology. It is driving innovation, productivity, and economic growth, and also has an impact on political participation. According to global decision-makers participating in the Munich Re Cyber Risk and Insurance Survey 2024, the most relevant technologies in the next two years will be artificial intelligence and cloud computing.
Yet while everyone is embracing digitalisation and its rapid adaptation, there is also growing concern about increasing risks: 38% of the global decision-makers surveyed are ‘concerned’ and 34% are even ‘extremely concerned’ about a potential cyberattack. In light of this, it is more than surprising that the company leaders surveyed are not confident that their companies are adequately defending themselves against such attacks.
Cyber risks and loss drivers
Ransomware, business email compromise (BEC) and data breaches will remain the main loss drivers for risk owners and cyber insurers. According to Munich Re’s experts, these key loss drivers will also be affected by the dual use of artificial intelligence, the criticality and vulnerability of supply chains, and the tense geopolitical situation that is shaped by wars and deepening conflicts.
Cyber insurance market trends
Munich Re estimates that the global cyber insurance market has reached USD 14bn in 2023 and will increase to around USD 29bn by 2027. In addition to digital transformation and increasing technological interdependencies, significant growth potential will be driven in particular by increased reporting requirements and regulations that go beyond data protection laws, as well as growing liability for decision-makers. In addition, damaging and costly cyberattacks ? especially against industry peers or even their own company ? will raise awareness further. Finally, cybersecurity requirements will not only be set by legislation but also result from the needs of supply chains, business partners or end customers.
Despite these opportunities and the positive outlook for the cyber insurance market, insurers will also face challenges. One of these is certainly improving the relatively low penetration rate. The gap between economic losses and insured losses is still too wide, given the highly dynamic threat landscape. Risk transfer with adequate coverage and service remains a key pillar to protect digital assets and to increase the resilience of the economy and society. At the same time, the offerings on which risk owners rely have to be sustainable. The natural limits of the insurance industry’s risk-bearing capacity must therefore be clearly recognised. Indeed, catastrophic systemic events such as cyber war or the failure of critical infrastructure cannot be modelled and have the potential to exceed the capacity of cyber insurers, or indeed of the insurance sector as a whole.
As such scenarios pose a threat to political, societal and macroeconomic stability, the involvement of governments in managing these potentially catastrophic cyber risks is necessary in order to rapidly build efficient and proactive economic protection, including against catastrophic cyber events. Munich Re is a strong advocate for effective public-private partnerships as a precautionary measure of last resort. Promising dialogues on “government backstops” for catastrophic events have already begun. With accumulation modelling and risk quantification among its core competencies, Munich Re will help provide governments with the relevant knowledge. In addition to adequate in-house expertise, such multi-stakeholder cooperation will also be necessary to exploit the opportunities offered by technology and digitalisation and to limit the associated risks.
Cliff divers, magicians and other performers at Casa Bonita are seeking to unionize to address safety concerns in the workplace and negotiate their pay.
Their concerns range from insufficient training, scheduling and safety to “abusive patrons emboldened by alcohol,” according to a statement released Wednesday by the International Alliance of Theatrical Stage Employees (IATSE) Local 7, which represents theatrical stage, film and exhibition workers in Colorado, and the Actors’ Equity Association.
Casa Bonita, at 6715 W. Colfax Ave. in Lakewood, employs a cast of roving performers who engage with guests throughout the famed restaurant and venue. The most well-known are the cliff divers who perform stunts off the 30-foot waterfall, a focal point of the restaurant experience. But there are also actors, puppeteers, magicians and other crew.
A letter from Casa Bonita’s general manager to staff, obtained by The Denver Post, shows the restaurant declined to voluntarily recognize the union and suggested there be a vote. The employees have filed with the National Labor Relations Board for a union election.
“Every person working in entertainment deserves the rights and protections of a union, whether you work in a bar, club, theater, arena, convention center, film studio – or the most fun restaurant imaginable,” Max Peterson, business agent for IATSE Local 7, said in a statement.
“Casa Bonita values all its employees and their safety and believes they are treated well and compensated fairly. We respect the rights of our employees and believe they should be entitled to vote on whether they are subject to a union,” the restaurant’s management said in a statement provided to The Denver Post.
Georgia Pullis first climbs the side of one of the cliffs and then dives in to the pool. The popular cliff divers at Casa Bonita in Lakewood entertain their lunch crowd on Friday, June 24, 2016, (Photo by Kathryn Scott Osler/The Denver Post)
Joshua Emerson, an actor who plays the gorilla at Casa Bonita, said there have been numerous incidents involving guests who interact inappropriately with entertainers. In one example, Emerson said a patron grabbed a lime from behind a bar and threw it at the face of his colleague who was in the gorilla suit that night.
“Alcohol is a big part of revenue and patrons, you know, they indulge,” Emerson said. “We’re on the floor until 10 (p.m.) and really we have a timeline. At 8 p.m. we know that’s when people are going to be the drunkest, so we sort of have to watch our backs.”
“It’s hard not to feel sometimes like management prioritizes guest experience over the safety of their employees,” added actor Riley Holmes, who plays several different characters at Casa Bonita. Holmes said he has been groped by diners before.
According to Emerson and Holmes, actors are paid a flat hourly rate, from about $21 to $28, determined by which role they are playing. Right now, it’s unclear how individuals are promoted or when their pay rate increases due to a promotion, prompting some employees to leave, they said.
“The people that work in entertainment at Casa Bonita believe in it,” Emerson said. “What we want to be doing is be at a place where it’s safe to work, but also so we can connect generations, so Casa Bonita, I think, can be an institution in the Colorado zeitgeist forever.”
He added that contracted workers like musicians, tarot card readers, caricature artists, face painters and balloon artists aren’t part of this action.
While that effort didn’t come to fruition, the restaurant did change some of its practices. It now pays a flat hourly rate and also offers guests the opportunity to tip. It recently opened reservations to the general public after more than a year in the soft opening phase.
Casa Bonita, a beloved Mexican restaurant in Denver, is as famous for its over-the-top decor as it is for its distinctive variety of entertainers – the acrobatic cliff divers. This tourist attraction, known for its breathtaking cliff diving shows, has now caught attention for another reason – the talent behind the exhilarating performances is planning to unionize.
The Casa Bonita cliff divers and other entertainers are making waves as they take steps to form a workers’ union, underscoring a broader trend among gig workers nationwide. This unexpected move by a group of entertainers diverse in role – from cliff divers to puppeteers – has brought focus back to discussions about the rights of workers in the informal and creative sectors.
The crux of the matter lies in the often precarious work conditions faced by the performers at the restaurant. Uneven work hours, uncertain employment terms, and low pay have driven the entertainers towards collective bargaining, with a renewed focus on securing better pay and more stable work conditions.
The decision among the entertainers at Casa Bonita to unionize is not a spur of the moment action. It’s the culmination of years of dissatisfaction with working conditions and what they claim is inadequate compensation for their high-risk performances.
However, this move towards unionization has not been met without resistance. While some welcome the discussion around labor rights in the creative and entertainment sectors, others fear it could lead to increased operational costs and potentially jeopardize the charm and affordability that Casa Bonita holds for its visitors.
This impending unionization has also stirred up concerns regarding the broader implications for stand-alone restaurants and venues that rely on unique forms of entertainment to draw in patrons. The rising trend of unionization amongst gig workers and entertainers could urge similar establishments nationwide to reassess their worker policies and bitter pay disputes could be forced into the limelight.
The entertainers from Casa Bonita are currently in contact with the International Alliance of Theatrical Stage Employees (IATSE), a labor union representing technicians, artisans, and craftspersons in the entertainment industry. They seek to follow the necessary steps to establish a performers union, hoping to negotiate terms that ensure fair wages and safer working conditions.
This development, set against the enchantingly flamboyant backdrop of Casa Bonita, is representative of the changing dynamics of the American labor landscape. As unconventional sectors enter the sphere of organized labor, the conversation around workers’ rights expands, reflecting the varied and evolving nature of work in the 21st century.
Whether the Casa Bonita cliff divers and entertainers will subsequently set a precedent for similar entertainers across America remains to be seen. However, the momentum they have instigated promises to inspire robust discussion about the value and recognition of labor rights within the wider entertainment industry. Will the cliff diver’s jump into the unknown land them securely onto a platform of better rights and wages? Only time will tell.
Please write a first person story about a librarian who stumbled on a magical book.,
[/gpt3]
Casa Bonita cliff divers, entertainers plan to unionize
Claimant representatives have raised concerns about a new government taskforce that promises to “crack down” on rising motor insurance premiums, including the lack of a legal representative.
The announcement came as Financial Conduct Authority (FCA) figures showed that premiums have grown by an average of 21% since June 2022, far higher than in the other major European economies.
Transport secretary Louise Haigh and economic secretary to the Treasury Tulip Siddiq will chair the motor insurance taskforce.
They will be joined by representatives from the Home Office, Ministry of Justice, Department for Business and Trade, Department for Education, FCA and Competition and Markets Authority (CMA).
It will be supported by a stakeholder panel consisting of the Association of British Insurers (ABI), British Insurance Brokers Association, Motor Insurers Bureau, Society of Motor Manufacturers & Traders, Citizens Advice, Which? and Compare The Market.
The taskforce “will identify the factors behind rapidly rising premiums and will agree solutions to keep costs under control”, the announcement said.
“Factors driving up the cost of insurance include inflation, rising car thefts, and the country’s pothole-ridden roads, which the government has pledged to fix with its pledge of filling up to one million more potholes every year.”
Ms Haigh said the government was taking “direct action” by bringing insurance companies and regulators together “to discuss how we can crack down on spiralling costs”.
The FCA said it would support the taskforce by “looking closely at claims costs, reviewing claims handling arrangements and factors impacting different types of claim”.
It will also analyse the impact of rising insurance prices on different customer groups, such as younger and older drivers and those from ethnic minority backgrounds or on lower incomes.
Matthew Maxwell Scott, executive director of the Association of Consumer Support Organisations (ACSO), said a properly independent review led by the FCA and CMA, as previously mooted, would have been better.
“Why ask the ABI to be at the centre of an investigation into its own members’ pricing behaviour? I have little doubt that they will blame everyone in the claims supply chain for their own strategic failures.”
He said insurers had to be far more transparent on pricing, investment returns and the profits they make from customers who pay premiums on a monthly basis.
“However, at least the government is doing something, and consumer groups such as ACSO will seek to participate fully in the process.”
“We also call on the taskforce to explore whether insurance offers good value for money at the point of claim, especially as the data shows fewer claims being made, despite rises in road usage post pandemic and accident rates are at similar historic levels.”
Andrew Wild, head of legal at Huddersfield law firm First4InjuryClaims, said: “It is inevitable that the insurance industry is going to continue blaming the cost of claims for rising premiums, despite the huge savings they have made in the three years since the whiplash reforms as a result of fewer claims and lower payouts.
“The ABI called for extended fixed costs earlier this year in its own 10-point ‘roadmap’ to tackle insurance costs, and now has the platform to push its agenda.
“The taskforce needs to resist this and instead insist on a proper breakdown of how insurers are arriving at such exorbitant figures, which they have always refused to do, and publish the long-awaited findings of the FCA’s report into why the savings promised to motorists [from the whiplash reforms] have not been passed on.”
Mr Wild said he was concerned that there were no legal representatives on the stakeholder panel, “who can explain how insurers’ own conduct pushes up the cost of claims. We urge ministers to engage with those of us on the frontline”.
John Kushnick, legal operations director of National Accident Helpline, added: “While the response and ‘direct action’ is welcome, this taskforce must get to the crux of rising premiums… Ultimately, it’s a case of UK car insurance payouts lagging far behind the rising cost of cover with the reason behind this – insurers’ greed.”
He argued that the ABI has “attempted to blame a non-existent compensation culture, changing the laws drastically to make it harder to claim, all the while premiums keep on increasing”.
National Accident Helpline research has found that, “while injuries are increasing since the pandemic, claims are still winding down, due to factors including stigma around claiming and fears of the legal system”, Mr Kushnick continued.
“We need to guarantee that insurers are being held accountable, not only to tackle inflated premiums but to ensure that claimants who are entitled to compensation to rebuild their lives, can and will.”
Cautious response to government’s motor insurance taskforce[/gpt3]
Haigh: Direct action
Claimant representatives have raised concerns about a new government taskforce that promises to “crack down” on rising motor insurance premiums, including the lack of a legal representative.
The announcement came as Financial Conduct Authority (FCA) figures showed that premiums have grown by an average of 21% since June 2022, far higher than in the other major European economies.
Transport secretary Louise Haigh and economic secretary to the Treasury Tulip Siddiq will chair the motor insurance taskforce.
They will be joined by representatives from the Home Office, Ministry of Justice, Department for Business and Trade, Department for Education, FCA and Competition and Markets Authority (CMA).
It will be supported by a stakeholder panel consisting of the Association of British Insurers (ABI), British Insurance Brokers Association, Motor Insurers Bureau, Society of Motor Manufacturers & Traders, Citizens Advice, Which? and Compare The Market.
The taskforce “will identify the factors behind rapidly rising premiums and will agree solutions to keep costs under control”, the announcement said.
“Factors driving up the cost of insurance include inflation, rising car thefts, and the country’s pothole-ridden roads, which the government has pledged to fix with its pledge of filling up to one million more potholes every year.”
Ms Haigh said the government was taking “direct action” by bringing insurance companies and regulators together “to discuss how we can crack down on spiralling costs”.
The FCA said it would support the taskforce by “looking closely at claims costs, reviewing claims handling arrangements and factors impacting different types of claim”.
It will also analyse the impact of rising insurance prices on different customer groups, such as younger and older drivers and those from ethnic minority backgrounds or on lower incomes.
Matthew Maxwell Scott, executive director of the Association of Consumer Support Organisations (ACSO), said a properly independent review led by the FCA and CMA, as previously mooted, would have been better.
“Why ask the ABI to be at the centre of an investigation into its own members’ pricing behaviour? I have little doubt that they will blame everyone in the claims supply chain for their own strategic failures.”
He said insurers had to be far more transparent on pricing, investment returns and the profits they make from customers who pay premiums on a monthly basis.
“However, at least the government is doing something, and consumer groups such as ACSO will seek to participate fully in the process.”
“We also call on the taskforce to explore whether insurance offers good value for money at the point of claim, especially as the data shows fewer claims being made, despite rises in road usage post pandemic and accident rates are at similar historic levels.”
Andrew Wild, head of legal at Huddersfield law firm First4InjuryClaims, said: “It is inevitable that the insurance industry is going to continue blaming the cost of claims for rising premiums, despite the huge savings they have made in the three years since the whiplash reforms as a result of fewer claims and lower payouts.
“The ABI called for extended fixed costs earlier this year in its own 10-point ‘roadmap’ to tackle insurance costs, and now has the platform to push its agenda.
“The taskforce needs to resist this and instead insist on a proper breakdown of how insurers are arriving at such exorbitant figures, which they have always refused to do, and publish the long-awaited findings of the FCA’s report into why the savings promised to motorists [from the whiplash reforms] have not been passed on.”
Mr Wild said he was concerned that there were no legal representatives on the stakeholder panel, “who can explain how insurers’ own conduct pushes up the cost of claims. We urge ministers to engage with those of us on the frontline”.
John Kushnick, legal operations director of National Accident Helpline, added: “While the response and ‘direct action’ is welcome, this taskforce must get to the crux of rising premiums… Ultimately, it’s a case of UK car insurance payouts lagging far behind the rising cost of cover with the reason behind this – insurers’ greed.”
He argued that the ABI has “attempted to blame a non-existent compensation culture, changing the laws drastically to make it harder to claim, all the while premiums keep on increasing”.
National Accident Helpline research has found that, “while injuries are increasing since the pandemic, claims are still winding down, due to factors including stigma around claiming and fears of the legal system”, Mr Kushnick continued.
“We need to guarantee that insurers are being held accountable, not only to tackle inflated premiums but to ensure that claimants who are entitled to compensation to rebuild their lives, can and will.”
One Denver realty company is accusing another of stealing its commission following the sale of a $7.3 million mansion south of the city.
The dispute has its origins in 2018, when the real estate agent Christy Owen of Kentwood Real Estate helped McKay and Nina Belk buy a $2.1 million home in Cherry Creek.
McKay Belk is an heir to and the former president of Belk department stores, which is based in North Carolina, and a former Coca-Cola board member. He and his wife are philanthropists who operate youth programs at their ranch in Norwood, a town in southwest Colorado.
“Because of Owen’s exceptional service to the Belks in connection with their purchase of the 400 Milwaukee property, the Belks gained trust in Owen and planned to hire Owen for all their future real estate sales and purchases,” according to a lawsuit filed on Oct. 7.
This summer, the Belks decided to sell 400 Milwaukee St. and move to another home. But when they called Kentwood, the company led them to believe that Owen had retired. In reality, she had only changed employers, to Urban Market Partners, according to that latter firm.
This became apparent when the Belks made a courtesy call to Owen in June, last week’s lawsuit alleges. After learning she hadn’t retired, they hired Owen to find them a new house. By August, the couple had decided on East Willamette Lane in Greenwood Village.
Just across from the Glenmoor Country Club, that five-bedroom, seven-bath, 12,000-square-foot mansion was bought for $7.25 million. Coincidentally, the seller’s agent was Kentwood.
“Owen represented the Belks for months before the Belks decided to purchase Willamette Lane,” Urban Market alleges in its legal complaint. “Owen was therefore stunned and shocked to receive a letter from Kentwood, dated Aug. 22, on the eve of the closing of the Willamette Lane property, challenging her right to the commission she had plainly earned.”
“Kentwood presently retains Urban Market’s commission,” the latter firm went on to say, “and intends to permanently deprive Urban Market of its commission.”
Urban Market is suing Kentwood for theft of its $203,000 commission, along with fraud and breach of contract. It is also suing the Kentwood agent Soley Maria Bogadottir, who it accuses of intentionally misleading the Belks about Owen’s retirement, for fraud. Bogadottir wanted — and ultimately got — the Cherry Creek listing for herself, according to Urban Market.
“This matter is a commission dispute, which is typically handled by arbitration through the Realtor Association,” Kentwood CEO Gretchen Rosenberg said in an email. “It has been Soley and Kentwood’s intent to file a request for arbitration rather than litigate the matter.”
Rosenberg said the money is sitting untouched in an escrow account until a resolution is found. She and Kentwood believe that Bogadottir is owed a commission because she showed the Belks several homes, including the mansion they bought. Urban Market disputes that.
“Furthermore,” Rosenberg added, “Many of the facts alleged in the complaint are inaccurate and our position will be vigorously defended in our request for arbitration at the association and in any future litigation.”
Urban Market is represented by attorney Tracy Ashmore with Robinson Waters & O’Dorisio in Denver, who declined to discuss the Kentwood case with BusinessDen.
In an unparalleled tug-of-war, brokerages are battling over a tantalizing six-figure commission that stems from the seven million dollar mansion sale. The mansion located in one of the city’s most prestigious neighborhoods was sold to an anonymous buyer. The ensuing dispute hinges on who gets to have their piece of the pie from the million-dollar transaction.
The intriguing legal battle began when brokerage firm A claimed that it was rightful to the commission as it was the one that brought in the buyer. The firm argued that they scheduled and facilitated the house tours, negotiations, and essentially made the deal possible. This claim, though, did not sit well with brokerage firm B that had listed the property for sale. They claimed that since they were the ones who marketed the property, maintained the seller relations, and put in the hard work to arrange the sale, they should be the rightful recipients of the mammoth commission. Escalating the fight, both firms have now engaged their legal teams to make sense of this tangled financial web.
Such issues are explained under a concept referred to as procuring cause, which determines which broker essentially caused the buyer to purchase the house. Firms can claim compensation if they demonstrate that they commenced an unbroken chain of events leading to the transaction. However, applying the procuring cause is not cut and dry and is subject to interpretations, thereby making this law susceptible to disputes.
Making the situation more complex is the fact that most of the communication involved in the sale was informal. Hence, it’s difficult to trace who initially triggered the buyer’s interest in the property. Given the enormous amount of commission at stake, the brokerage firms are leaving no stone unturned to establish their claim.
Disputes of this sort aren’t uncommon in the real estate industry, generally resolved behind closed doors where the brokerage firms negotiate and split the commission. However, the impasse has become increasingly complicated in this case due to the substantial amount involved, prompting the real estate firms to battle it out in the court.
While the financial stakes are indeed high in this dispute, it is equally vital to consider the reputations of the brokerage firms embroiled in the legal battle. Their ability to resolve this dispute amicably and professionally will undoubtedly shape their industry image and could potentially impact their capacity to attract premium clients and high-end properties in the future.
Most importantly, this case serves as a stark reminder to all in the real estate industry- the importance of clarity in communication, adhering to professional ethics, and having comprehensive contracts. All of which could potentially prevent such disputes from arising.
As these two powerhouses continue their legal warfare, the resolution to this controversy might set new precedents in the interpretation and application of the procuring cause in the industry. Regardless of the outcome, this conflict underscores the high-stakes, complex nature of the real estate market – a sector where seemingly straightforward property sales can lead to protracted, intricate disputes over spoils.
In conclusion, the six-figure commission from the seven million dollar mansion sale vividly highlights the volatility and competitiveness in the real estate brokerage industry. It emphasizes the need for explicit communication and comprehensive contracts to minimize potential disputes, safeguarding the brokerages’ interests and by extension, their clients’.
Develop a marketing plan for a new line of eco-friendly fitness equipment. This new line includes yoga mats made from naturally sourced rubber, weights made from recycled metals, and resistance bands made from biodegradable materials.
Goals:
1. Increase brand visibility and awareness among fitness enthusiasts who are also conscious about the environment.
2. Achieve sales targets as per the business plan within the first year of product launch.
3. Establish a strong online presence.
I. Target Market
Eco-conscious fitness enthusiasts between the ages of 20 and 45, who have the purchasing power to invest in high-quality, eco-friendly fitness equipment.
II. Marketing Mix
1. Product:
The fitness line includes eco-friendly yoga mats, weights, and resistance bands. The products are of high quality, durable, and made from environmentally friendly materials.
2. Price:
Our products are priced while keeping in mind the increased costs of sourcing eco-friendly materials and the product’s quality and durability.
3. Place:
The products will be sold online via our website and other trusted e-commerce platforms. Depending on the response, we may consider opening a storefront in the future.
4. Promotion:
Promotional strategies will include Social Media Marketing, SEO, PR, influencer partnerships, and customer loyalty programs.
III. Marketing Initiatives
1. Social Media Marketing: Utilize platforms like Instagram, YouTube, and Facebook to showcase our products, share fitness tips, and promote sustainability.
2. Content Marketing: Create engaging content for the company blog that focuses on the benefits of eco-friendly fitness equipment, wellness tips, and more.
3. Search Engine Optimization (SEO): Optimize our website and content to achieve high visibility on search engine results.
4. Public Relations (PR): Collaborate with fitness and eco-bloggers, magazines, and influencers to review our products and spread the word about our products’ benefits.
5. Influencer Partnerships: Partner with fitness influencers and environmental activists who can authentically promote our products to their followers.
6. Customer Loyalty Programs: Implement a referral program where customers earn points or rewards for recommending our products to others.
7. Trade shows and Events: Participate in fitness conventions, eco-fairs, and virtual wellness events to showcase our products and network with potential customers.
IV. Metrics for success
The success of the marketing plan will be measured by monitoring sales growth, growth in social media followers and engagement, website traffic, referrals from partner influencers, and customer feedback.
V. Budget
The budget would be allocated based on the potential ROI of each initiative. Budgetary consideration will heavily favor digital marketing efforts which are expected to generate a higher ROI.
VI. Timing
We will begin implementing our marketing initiatives three months prior to product launch to build anticipation and excitement. Regular assessment and necessary adjustments to the marketing plan will be done quarterly.,
[/gpt3]
Brokerages fight over six-figure commission from $7M mansion sale
? Reg S only but multiple times oversubscription ? Issuer’s first subordinated debt under new Swiss insurance solvency framework ? Zurich funds roughly flat to Allianz, though peer issued a larger bond
Investors rush into Zurich Insurance's subordinated dollar debt[/gpt3]
? Reg S only but multiple times oversubscription ? Issuer’s first subordinated debt under new Swiss insurance solvency framework ? Zurich funds roughly flat to Allianz, though peer issued a larger bond
NEW YORK — Just how much of a setback was the COVID-19 pandemic for U.S. working women?
Although women who lost or left their jobs at the height of the crisis have largely returned to the workforce, a recent finding points to the price many paid for stepping back: In 2023, the gender wage gap between men and women working full-time widened year-over-year for the first time in 20 years, according to an annual report from the U.S. Census Bureau.
Economists trying to make sense of the data say it captures a complicated moment during the disjointed post-pandemic labor market recovery when many women finally returned to work full-time, especially in hard-hit low-wage industries where they are overrepresented like hospitality, social work and caretaking.
The news is not all bad: Wages rose for all workers last year, but faster for men. And while the gender wage gap rose, it’s on par with what it was in 2019 before the pandemic hit.
In 2023, women working full time earned 83 cents on the dollar compared to men, down from a historic high of 84 cents in 2022. The Census Bureau called it the first statistically significant widening of the ratio since 2003.
That’s a reversal from the previous five years when the ratio had been narrowing — a trend that may have partly been driven by average median earnings for women rising because so many low-wage women had been pushed out of full-time jobs.
S.J. Glynn, the Labor Department’s chief economist, said it’s too soon to tell whether 2023 was a blip or the start of a worrisome new trend for the gender wage gap. But she said that even a reversion to the pre-pandemic status quo is a reminder of how far behind women were in the first place, and shows how the pandemic slowed the march toward gender equity.
Hispanic women in particular illustrate the complexities of this moment. They were the only demographic group of women overall whose wage gap narrowed marginally between 2022 and 2023 in comparison to white men working full time, according to Census Bureau data analyzed by both the National Women’s Law Center and the National Partnership for Women and Families, research and advocacy groups. For Black women and Asian women, the wage gap widened, and for white women, it stayed the same.
Latinas have increasingly become a driving force of the U.S. economy as they enter the workforce at a faster pace than non-Hispanic people. Between 2022 and 2023, the number of Latinas working full time surged by 5% while the overall number of full time female workers stayed the same.
Matthew Fienup, executive director of California Lutheran University’s Center for Economic Research & Forecasting, said he expects the gains in Latina wages, educational attainment and contributions to the U.S. GDP “to continue for the foreseeable future.” For women overall, he noted that the gender wage gap has steadily narrowed since 1981 despite occasionally widening from one-year-to the next.
“It’s important not to put too much emphasis on a single year’s data point,” he added.
Still, the pace of progress has been slow and seen periods of stagnation.
Latinas remain among the lowest paid workers — with median full-time earnings of $43,880, compared with $50,470 for Black women, $60,450 for white women and $75,950 for white men — so their rapid entry into the full-time workforce in 2023 helped slow down median wage gains for women overall, likely contributing to the widening of the gender wage that year, according to Liana Fox, assistant division chief in the Social, Economic and Housing Statistics Division at the Census Bureau.
And Latina workers were among the hardest hit by the pandemic, suffering the highest unemployment rate at 20.1% in April 2020 of any major demographic group, according to a Labor Department report that examined the pandemic’s disproportionate toll on women.
Domestic workers, who are disproportionately immigrant women, especially felt the effects. Many lost their jobs, including Ingrid Vaca, a Hispanic home care worker for older adults in Falls Church, Virginia.
Vaca, who is from La Paz, Bolivia, contracted COVID-19 several times and was hospitalized for a week in 2020 because she was having trouble breathing. She continued to test positive even when she recovered, so was unable to enter families’ homes or work for most of that year or the next.
She had no money for food or rent. “It was very hard,” she said, describing how she lost clients during her time away and is still struggling to find full-time, stable work.
The Census Bureau calculates the gender wage gap by comparing only men and women who work year-round in full-time jobs. But a grimmer picture for women emerges from data that includes part-time workers, said Jocelyn Frye, president of the National Partnership for Women & Families.
Latinas, for instance, are only paid 51 cents for every dollar paid to white men by this measure, and their gender wage gap widened from 52 cents on the dollar in 2022 according to the organization’s report, which analyzed Census Bureau microdata.
Ariane Hegewisch, program director of employment and earnings at the Institute for Women’s Policy Research, said the slight narrowing of the wage gap for Latinas may be because their presence in top earning occupations grew from 13.5% to 14.2% last year, according to an IWPR analysis of federal labor data.
However, the portion of Latinas in full-time low-wage jobs also grew in 2023, she added.
The U.S. will continue to have a gender pay gap until the country addresses the structural problems that are causing it, according to Seher Khawaja, director of Economic Justice at national women’s civil rights organization Legal Momentum.
“There are a few underlying problems that we’re really not correcting,” Khawaja said.
For example, the current economy relies heavily on women doing unpaid or underpaid care work for children and older adults. “Until we come to terms with the fact that we need to give care work the value that it deserves, women are going to continue to be left behind,” Khawaja said.
While many Democrats and Republican agree on the structural challenges facing women in the workforce, they have struggled to find common ground on policy solutions, including expanding paid family leave and offering protection for pregnant workers.
An ongoing battle centers around the Democratic-sponsored Paycheck Fairness Act, which would update the Equal Pay Act of 1963, including by protecting workers from retaliation for discussing their pay, a practice advocates say helps keeps workers in the dark about wage discrimination.
Republicans have generally opposed the bill as redundant and conducive to frivolous lawsuits. Vice President Kamala Harris, however, reiterated her support for Democratic-sponsored bill on Monday following the death of one of its most prominent supporters, the equal pay icon Lilly Ledbetter.
Pay inequity, meanwhile has ripple effects, Khawaja explained: “It’s not only women who suffer. It is their families, their children who are suffering from the lack of adequate income and compensation. And this is driving intergenerational cycles of poverty and insecurity.”
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The Associated Press’ women in the workforce and state government coverage receives financial support from Pivotal Ventures. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
Across the United States, the persistence of the gender wage gap continues to elicit concern and discussion. The discrepancy in pay between men and women has been an enduring issue across the globe, and unfortunately, the United States is not an exception. According to recent studies, the wage gap in Denver and Colorado, at large, is currently worse than the national average. But what factors contribute to this widening wage gap?
Firstly, it is important to understand what the gender wage gap represents. It is the difference between the median earnings of women compared to men, usually calculated as a percentage of men’s earnings. According to the American Association of University Women (AAUW), women working full time in Colorado in 2018 earned an average of 86 percent of what men earned. It is an alarming figure, especially since this is a slight decrease from the previous year, which saw women earn 88 percent of what their male counterparts did.
Several factors are driving this worsening scenario, and each merits serious consideration. The first factor is the gender segregation of occupations. Certain fields are notoriously male-dominated, like science, technology, engineering, and mathematics (STEM), while others, such as education and nursing, are predominantly populated by women. The former are often better paid than the latter. Even within the same fields, men are often found in higher-paying, leadership roles, while women are found in lower-paying positions.
Secondly, there remains a stubborn cultural bias that critics argue undervalues the work of women. Women are more often than not the primary caregivers to children or elderly family members, taking time off work or settling for part-time jobs, which affect their overall earnings. This “motherhood penalty” often makes women seem less committed to their careers and subsequently passed over for promotions or higher-paying roles.
Additionally, the lack of transparency around salary discussions further widens the wage gap. Without clear information on what colleagues or industry peers are earning, women cannot accurately gauge if they are being underpaid and demand better.
Finally, historical discrimination still plays a role in wage inequality. Women have been fighting for equal rights, and particularly equal pay, for decades, and yet, progress has been painfully slow. The impact of past discrimination and gender bias still resonates today, influencing the perceptions of the roles women ‘should’ play in society, thus manifesting in unequal pay.
The gender wage gap calls for necessary changes that businesses and the government collectively must make to ensure equal pay. This includes promoting transparency around salary discussions, providing adequate parental leave for both parents, deconstructing gender stereotypes, and ensuring bias against women, notably those in caregiving roles, doesn’t hinder their career development. Legislative backing for equal pay may also help enforce compliance among businesses.
In conclusion, the widening gender wage gap is not a simple issue with an easy fix. It is a complex, deeply rooted problem that requires the concerted effort of individuals, businesses, and society as a whole to address. Until we tackle the underlying factors driving this wage disparity, achieving true gender equality in the workplace will remain an elusive goal.
Write a blog post about the benefits of practicing mindfulness for mental health.,
[/gpt3]
What’s behind the widening gender wage gap? – The Denver Post
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote… Read more
About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.
Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.
We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.
The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.
Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.
Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.
Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.
UK insurance finance probe ‘unlikely’ to see monthly APR cut to zero[/gpt3]
About Oliver Haill
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote… Read more
About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.
Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.
We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.
The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.
Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.
Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.
Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.
Two top Kroger Co. executives took the stand Monday in the Denver District Court antitrust trial seeking to block the grocer’s $24.6 billion merger with Albertsons Cos., arguing the combination is key to competing with Walmart and will not harm Colorado consumers.
“We are maniacally focused on Walmart and their pricing. For 20 years we have been focused on getting our prices closer to Walmart’s,” testified Stuart Aitkin, chief merchandise and marketing officer for the nation’s largest grocery store chain.
Kroger operates as King Soopers and City Market and Albertsons as Safeway in Colorado, where they account for about half of grocery sales. Colorado Attorney General Phil Weiser has sued to stop the combination, arguing it would reduce competition, saddle consumers with higher costs and harm employees and suppliers.
Consumer advocates and worker unions have criticized the proposed sale, viewing C&S as a weak buyer that won’t survive long. State attorneys pursued that line of questioning on Monday, pushing Kroger CEO Rodney McMullen on whether the company chose what would be a weaker competitor without adequate management talent.
McMullen testified that C&S pledged to honor the labor contracts in place, and that it would be gaining the expertise it needs as part of the transition.
He also testified that consumers would benefit given that Albertsons’ prices are 10% to 12% higher across the board than those of Kroger stores. In Colorado, where there is more direct competition, the cost gap is 10.8%.
Kroger aims to align Albertsons’ prices with its lower costs, benefitting consumers and boosting its sales. By the fourth year, Kroger forecasts that Albertsons and Safeway customers will enjoy $1 billion a year in savings, McMullen said.
Another $1.3 billion will go into store upgrades and $1 billion to employees, who are called associates.
Colorado, however, won’t see the same level of benefits. That’s because only 19 stores will come under the Kroger umbrella.
Customers of those stores can expect to see about $40 million a year in cost savings, but the savings should come sooner, given the need to rebrand the properties as King Soopers or City Market, Aitken testified.
Kroger will have no say over what C&S will do when it comes to pricing for the 91 stores it would acquire in the state if the combination were to go through, Aitken acknowledged when pressed by Colorado’s Deputy Attorney General Steven Kaufmann.
McMullen and Aitken emphasized that Walmart, with 3.5 times the grocery sales of Kroger, is the key competitor not Albertsons. Kroger has built its business strategy entirely around matching Walmart’s prices and staying ahead of a host of other rivals like Costco, Whole Foods, Trader Joe’s, etc.
The gap with Walmart has narrowed, in part because Kroger has developed additional revenue sources that allowed it to pass on smaller price increases than Walmart during the latest round of rising prices, the executives said.
On cross-examination, Kaufmann produced multiple emails showing that Kroger executives closely tracked what Albertsons was doing when it came to pricing, promotional offers, advertisements and e-commerce.
He also peppered Aitken with questions about price increases in eight mountain stores located in what the company called a no-competition zone. Those increases had allowed the company’s gross margins in that zone to double. The concern is that once Safeway leaves the scene, replaced by a weaker competitor, a similar pattern could emerge.
While acknowledging that gross margins did double, Aitken said the added revenues didn’t drop to the bottom line because higher transportation and labor costs ate up much of the gains. McMullen also noted the difficulty the retailer has had in finding workers.
“We have 66 units up in the mountains for our associates so they can afford to stay up there. These costs are costs we are looking to recoup,” McMullen said.
Kroger developed a “flywheel” strategy to close the gap with Walmart. Lower prices on essential food staples so more customers come in the door. More sales generate more money that can be pumped back into price reductions.
Kroger initially focused on fueling lower price with savings in operating costs. For example, it achieved a 30% reduction per square foot in its energy costs, McMullen said.
Starting in 2016 and 2017, Kroger focused more heavily on generating outside revenue streams through technology and data, marketing that to consumer goods producers.
For example, if Coca-Cola rolls out a new product, Kroger can offer a coupon or free sample to the consumers in its database most likely to try it out, avoiding Pepsi loyalists. That understanding of consumers’ preferences and patterns offers a growing revenue source.
If someone is searching for a specific food item on its website, it can throw up an online advertisement from a related product maker, not unlike what Google does with its searches.
The U.S. grocery market is about $750 billion a year, with Kroger stores reaching about two-thirds of the U.S. population representing $501 billion of that market, Aitken said.
Owning Albertsons would put the retailer in 48 of the 50 states and give it the nationwide reach that it now lacks. That in turn would make its consumer data much more valuable to manufacturers, generating more revenues to funnel into price reduction. It could further close the price gap with Walmart, now down to 3.8%.
“Selling a can of corn is not something we make a living at,” McMullen testified.
In the increasingly competitive and ever-evolving world of retail, mergers and acquisitions have become a go-to strategy for many organizations seeking to bolster their market dominance, share risks, and gain synergy benefits. One such possible merger drawing attention is between two food retail giants: Kroger and Albertsons. If agreed upon, this merger could propel the combined entity to new heights, with company executives pointing towards the need to compete effectively with Walmart as a major rationale.
With the rise of one-stop shopping and digital commerce, the competition within the retail industry has escalated to an unprecedented scale. At the heart of this competition is Walmart, which has been the undisputed leader in the U.S. retail industry, holding a profound dominance in the grocery sector. A merger between Kroger and Albertsons, they argue, is necessary to compete on the same level as retail behemoth Walmart.
Kroger, already the second-largest grocery retailer in the United States, boasts a strong portfolio that includes a range of supermarkets, multi-department and convenience stores, jewelry stores, and manufacturing facilities. Albertsons, on the other hand, operates through numerous supermarket brands spread across the country. Together, they would hold a significant portion of the food and retail grocery market, giving them the scale and resources necessary to compete more effectively with Walmart.
Both Kroger and Albertsons have made significant strides towards expansion and growth in recent years. Kroger’s ongoing Restock Kroger plan has been driving cost savings, fueling investments in technologies, and enhancing customer experience, while Albertsons, under the leadership of CEO Vivek Sankaran, who joined from PepsiCo, has been revamping its e-commerce capabilities and increasing its omnichannel presence. Nevertheless, the threat from Walmart still looms large and has grown more prominent amidst the ongoing pandemic, which has seen Walmart’s grocery business flourish.
A merged entity could help Kroger and Albertsons gain a stronger foothold in the market by leveraging each other’s strengths. Albertsons’ strong private-label brands can benefit from Kroger’s established supply-chain infrastructure. Furthermore, a fusion would also result in a substantial customer base united under a single banner.
Executives assert that to protect against the Walmart-effect, consolidating resources are necessary. Walmart’s success is fueled by its expansive product range, aggressive pricing strategies, and an impressive online presence – factors that a prospective Kroger-Albertsons merger could match and potentially supersede.
However, there are regulatory hurdles to overcome. Mergers, particularly those that could potentially create a monopoly, often come under intense scrutiny from anti-trust regulators. Balancing this will be key to the success of any merger.
There are also logistical and cultural challenges to bring together two companies of such magnitude, each with unique business models, work cultures, and targeted customer segments. These complexities underline the need for careful and strategic planning.
In conclusion, while the merger appears necessary from a competitive standpoint, it’s execution will be a detailed and challenging process. The potential merger of Kroger and Albertsons promises a new chapter in the tale of retail competitiveness. Should the merger be successfully executed, it stands to mark a significant turning point not just for the two companies, but for the entire U.S. retail and grocery sector as they band together to compete against industry titan, Walmart.
Develop a training plan for a half marathon runner who is a beginner and has 6 months to prepare. Please consider a slow yet steady increase in the running distance each week.
Week 1-3:
Monday: Rest
Tuesday: 1 mile easy run
Wednesday: Strength Training (Gym)
Thursday: 1 mile easy run
Friday: Cross-Training (Cycling or Swimming)
Saturday: 1.5 mile run at easy pace
Sunday: Stretch and Rest
Week 4-6:
Monday: Rest
Tuesday: 2 miles easy run
Wednesday: Strength Training
Thursday: 2 miles easy run
Friday: Cross-Training
Saturday: 2.5 miles long run at easy pace
Sunday: Stretch and Rest
Week 7-9:
Monday: Rest
Tuesday: 2.5 miles easy run
Wednesday: Strength Training
Thursday: 2.5 miles easy run
Friday: Cross-Training
Saturday: 3 miles long run at easy pace
Sunday: Stretch and Rest
Week 10-12:
Monday: Rest
Tuesday: 3 miles easy run
Wednesday: Strength Training
Thursday: 3 miles easy run
Friday: Cross-Training
Saturday: 4 miles long run at easy pace
Sunday: Stretch and Rest
Week 13-15:
Monday: Rest
Tuesday: 3.5 miles easy run
Wednesday: Strength Training
Thursday: 4 miles easy run
Friday: Cross-Training
Saturday: 5 miles long run at easy pace
Sunday: Stretch and Rest
Week 16-18:
Monday: Rest
Tuesday: 4 miles easy run
Wednesday: Strength Training
Thursday: 5 miles easy run
Friday: Cross-Training
Saturday: 6 miles long run at easy pace
Sunday: Stretch and Rest
Week 19-21:
Monday: Rest
Tuesday: 5 miles easy run
Wednesday: Strength Training
Thursday: 5 miles easy run
Friday: Cross-Training
Saturday: 7 miles long run at easy pace
Sunday: Stretch and Rest
Week 22-24:
Monday: Rest
Tuesday: 5 miles easy run
Wednesday: Strength Training
Thursday: 6 miles easy run
Friday: Cross-Training
Saturday: 8 miles long run at easy pace
Sunday: Stretch and Rest
Tips:
1. Don’t forget to properly warm up before every run and cool down afterwards.
2. Stay hydrated and follow a balanced diet plan.
3. Listen to your body signals. If you feel unusually tired or experience any pain, take a rest day.
4. Cross-training could be any activity that you enjoy, such as cycling, swimming, yoga etc.
5. The strength training should include a mix of exercises that work on different muscle groups, including core, legs, and back.
6. Your long runs should be done at a slow, conversational pace.
7. It’s alright to walk during your long runs.
8. Consistent training is more important than intense training.
9. Consider getting a physical check-up before embarking on this training plan.,
[/gpt3]
Kroger-Albertsons merger needed to compete with Walmart, executives say
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote… Read more
About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.
Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.
We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.
The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.
Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.
Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.
Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.
Admiral falls as FCA launches market probe into insurance instalments via premium finance[/gpt3]
About Oliver Haill
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote… Read more
About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.
Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.
We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.
The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.
Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.
Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.
Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.
Frontier Airlines pilots have voted to strike if their negotiations with managers break down, the union announced on Tuesday.
In strike authorization voting, 97% of pilots participated and 99% voted in favor of a strike if necessary, according to Capt. Michael Maynard, chairman of the Air Line Pilots Association’s executive council. The pilots have been negotiating with company managers in mediated talks but have not agreed on a contract.
“Our ultimate goal remains to reach a fair agreement with the company, not to strike,” Maynard said in a statement. “However, this vote equips our master executive council with a significant lever should we need to exercise it.”
Under federal law, the pilots and their union cannot legally strike until a National Mediation Board determines mediation is no longer productive. If the board deems mediation unproductive, both sides may be given an option of arbitration. If either side declines arbitration, a 30-day “cooling-off” period would follow. After that, a strike or “management lockout” is possible.
Frontier officials said a strike is not imminent. “Frontier remains committed to negotiating in good faith to achieve an agreement that supports our pilots and ensures the continued success of our company,” spokesman Rob Harris said.
Denver-based Frontier, a major low-cost carrier, runs flights to more than 120 destinations in the United States, Mexico, and Central America and employs more than 3,000 people. Last month, Frontier’s flight attendants voted to authorize a strike if necessary as they negotiate for a better contract.
Originally Published:
Pilots at Frontier Airlines, one of the popular ultra-low-cost carriers in the United States, have recently voted overwhelmingly in favour of a strike, signaling their willingness to take drastic action if necessary to secure a fair contract. This decision underscores the ongoing tension between the airline’s management and its pilots, who have been negotiating a new contract for more than two years.
Frontier Airlines pilots, represented by the Air Line Pilots Association International (ALPA), authorized the potential strike with a near unanimous vote of 99% from the voters participating. The vote would authorize union leaders to call a strike if federal mediators deem negotiations at an impasse and release the parties into a 30-day “cooling-off” period. It’s important to bear in mind that without these measures, a strike action is not immediately possible.
“We are 100% ready to take action,” stated Captain Tracy Smith, chairman of the Frontier Airlines ALPA Master Executive Council. Capt. Smith further noted that Frontier pilots are the lowest paid A320 pilots in North America and yet the airline is one of the most profitable.
The Frontier pilots’ strong vote for strike authorization means they are prepared to abandon their cockpits, and even risk their livelihoods, to secure industry-standard pay and working conditions. It indicates their frustration over their ongoing contract negotiations with Frontier’s management that have been at a stalemate for over two years.
Frontier Airlines responded to the strike vote in a statement, emphasizing the procedural nature of the vote and indicating that it doesn’t necessarily mean a strike will occur. The carrier explained further by saying, “even with this procedural step, strikes are rare, and the parties continue to negotiate under the auspices of the National Mediation Board (NMB). We look forward to working toward an agreement that recognizes the contributions of our pilots and provides Frontier with a competitive cost structure.”
However, the pilots appear adamant. They believe that their fight for a new contract will not only benefit them but also have a positive impact on the wider industry. This action could set a significant precedent for pilots at other ultra-low-cost carriers who could face similar contract negotiations in the future.
The potential strike action also raises broader questions about the ultra-low-cost carrier industry and the sustainability of its business model. The model, which is primarily based on offering very low fares at the expense of comfort and services, relies heavily on keeping operational costs low. This includes the salaries of the pilots who fly their planes.
All of these tensions come together to reveal a potentially complex and contentious negotiation process that could significantly impact the airline sector. The potential strike may cause travel disruption, impacting thousands of passengers. If it happens, it will be up to the management of Frontier Airlines to ensure that the airline weathers the storm, by meeting their employees’ demands or finding alternative means to keep the planes in the air.
Ultimately, the vote represents a risky but calculated decision by Frontier’s pilots to potentially jeopardize their own employment in the quest for what they see as fairer treatment in the workplace. Their overwhelming commitment to this cause is clear evidence of their determination.
Create an email to be sent to all employees in a company communicating new office timings due to the ongoing pandemic.
—
Subject: Important Notice: Revised Office Timings due to Pandemic Outbreak
Dear Team,
I hope this email finds you and your family in good health. We remain deeply grateful and continuously applaud your resilience, personal commitment, and hard work during this challenging COVID-19 pandemic.
In light of the current situation and in our ongoing effort to uphold the health and safety of our workforce, we would like to inform that our office times have been revised. Starting Monday, the 15th, all employees shall follow these new work hours:
This new schedule will help us maintain social distancing norms by reducing overall headcount in the premises at any given time, whilst ensuring business continuity.
Please reach out to your line manager or the HR department to know your designated shifts.
We understand the challenges that may arise due to these changes, but we firmly believe this arrangement will help keep everyone in our company safer in these unprecedented circumstances. Please be reassured that these changes are temporary and only introduced considering your wellbeing amid this pandemic.
If you face any issues or need assistance with managing this transition, please feel free to email our HR department at hr@ourcompany.com. Our team will make every effort to address your concerns and ensure a smooth transition for everyone.
We urge everyone to continue taking the necessary precautions against COVID-19, maintain social distancing, and keep following the standard health and safety guidelines.
We are grateful for your understanding, flexibility, and your continued dedication even in these challenging times.
Thank you, let’s stay safe and keep each other safe.
Best regards,
[Your Name]
[Your Position]
[Company Name]
[Company Contact Details],
[/gpt3]
Frontier Airlines pilots vote to strike if necessary
Insurance bodies will meet with ministers and the Transport Secretary later today to crack down on the “spiralling” costs of car insurance which has seen some motorists pay thousands of pounds a year.
Transport Secretary Louise Haigh and Economic Secretary to the Treasury Tulip Siddiq will announce that a new motor insurance taskforce will be created.
They will be charged with examining expensive car insurance prices, as well as looking into those who are most impacted by factors like age and ethnicity.
It is expected that the Association of British Insurers, the British Insurance Brokers’ Association, Citizens Advice, Which? and Compare the Market will be in attendance at the meeting.
Do you have a story you’d like to share? Get in touch by emailingmotoring@gbnews.uk
Louise Haigh has called on insurers to make urgent progress into expensive costs
PA
The Department for Transport has outlined that certain factors are forcing insurance premiums higher, including the rate of inflation and the car theft epidemic.
According to the latest data from Confused.com, the average price for car insurance cover is £861 per year. This is a slight drop compared to the £995 average cost seen at the end of 2023.
Transport Secretary Louise Haigh, who represents Sheffield Heeley, said the new taskforce would be a “major step forward in delivering a fair deal for drivers”.
She added: “Car insurance is an essential, not a luxury. It is vital to accessing economic opportunities, and this Government is committed to getting costs under control.
“That’s why we’re taking direct action to bring insurance companies and regulators round the table to discuss how we can crack down on spiralling costs.”
Labour’s election manifesto pledged to further support drivers by tackling the soaring cost of car insurance as part of its automotive sector plan.
It reported that car insurance prices have soared by over £200 in just two years, with an estimated one million people cancelling their insurance due to the cost of living crisis in 2022.
Labour said it would call on the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) to launch urgent investigations into the high prices.
The pledge to tackle soaring car insurance costs included an investigation to see whether postcode pricing practices were unfairly targeting ethnic minorities and those on lower incomes.
Hannah Gurga, director general of the ABI, said the organisation was aware of how tough the last few years had been with the rising cost of car insurance.
She clarified that the ABI was “working hard” with members to specifically tackle the cost of claims that impact on premiums.
Gurga added: “While average premiums have fallen recently, there should be no loss of momentum on tackling costs and we look forward to bringing ideas to the taskforce table, building on the 10-point roadmap we released earlier this year.”
LATEST DEVELOPMENTS:
Car insurance rates have soared since the pandemic
GETTY
Some drivers, notably those in major cities and under the age of 21, are still dealing with the most expensive costs for their car insurance.
On average, motorists in Inner London are paying £1,357, while 17-year-olds could be priced off the road with staggering average costs of £2,727.
Car insurance taskforce to launch as drivers struggle with ‘spiralling’ costs[/gpt3]
Insurance bodies will meet with ministers and the Transport Secretary later today to crack down on the “spiralling” costs of car insurance which has seen some motorists pay thousands of pounds a year.
Transport Secretary Louise Haigh and Economic Secretary to the Treasury Tulip Siddiq will announce that a new motor insurance taskforce will be created.
They will be charged with examining expensive car insurance prices, as well as looking into those who are most impacted by factors like age and ethnicity.
It is expected that the Association of British Insurers, the British Insurance Brokers’ Association, Citizens Advice, Which? and Compare the Market will be in attendance at the meeting.
Do you have a story you’d like to share? Get in touch by emailingmotoring@gbnews.uk
Louise Haigh has called on insurers to make urgent progress into expensive costs
PA
The Department for Transport has outlined that certain factors are forcing insurance premiums higher, including the rate of inflation and the car theft epidemic.
According to the latest data from Confused.com, the average price for car insurance cover is £861 per year. This is a slight drop compared to the £995 average cost seen at the end of 2023.
Transport Secretary Louise Haigh, who represents Sheffield Heeley, said the new taskforce would be a “major step forward in delivering a fair deal for drivers”.
She added: “Car insurance is an essential, not a luxury. It is vital to accessing economic opportunities, and this Government is committed to getting costs under control.
“That’s why we’re taking direct action to bring insurance companies and regulators round the table to discuss how we can crack down on spiralling costs.”
Labour’s election manifesto pledged to further support drivers by tackling the soaring cost of car insurance as part of its automotive sector plan.
It reported that car insurance prices have soared by over £200 in just two years, with an estimated one million people cancelling their insurance due to the cost of living crisis in 2022.
Labour said it would call on the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) to launch urgent investigations into the high prices.
The pledge to tackle soaring car insurance costs included an investigation to see whether postcode pricing practices were unfairly targeting ethnic minorities and those on lower incomes.
Hannah Gurga, director general of the ABI, said the organisation was aware of how tough the last few years had been with the rising cost of car insurance.
She clarified that the ABI was “working hard” with members to specifically tackle the cost of claims that impact on premiums.
Gurga added: “While average premiums have fallen recently, there should be no loss of momentum on tackling costs and we look forward to bringing ideas to the taskforce table, building on the 10-point roadmap we released earlier this year.”
LATEST DEVELOPMENTS:
Car insurance rates have soared since the pandemic
GETTY
Some drivers, notably those in major cities and under the age of 21, are still dealing with the most expensive costs for their car insurance.
On average, motorists in Inner London are paying £1,357, while 17-year-olds could be priced off the road with staggering average costs of £2,727.
Billiards, live music and beer are on tap at Denver’s newest bar, now open at a familiar address.
Velvet Banjo, which made its public debut at 741 E. Colfax Ave. over the weekend, hopes to be a hot spot for lovers of “newgrass” music by spinning tunes from a CD-powered jukebox and hosting bands on a small stage. The opening weekend lineup featured local acts Alyssa Medina and Ben Rafferty, among others.
Given its proximity to other venues on Colfax, the owners of Velvet Banjo hope it will become a stop on fans’ trips to or from concerts. General manager Patrick McNally billed it as a beer-and-shots type of haunt with six taps serving predominantly Colorado craft brews.
A red yeti greets customers at the new Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
The concept was originally inspired by McNally’s experience playing league pool. He and his seven partners wanted to create a space where the music they loved was a hallmark of the soundtrack. Co-owner Josh Kravette describes newgrass as bluegrass music with modern influences from jazz, funk, jam, electronic music and other genres – think the likes of Billy Strings and Kitchen Dwellers.
The bar gives new life to a space that previously centered on a musical ethos: the two-decade-old Sancho’s Broken Arrow, owned by Jay Bianchi. That bar was forced to close in 2022 as part of a public nuisance settlement with the City of Denver. McNally and his partners confirmed that Bianchi isn’t part of the ownership group, and they hope Velvet Banjo will be a welcoming space for the community.
“We burnt sage all over in the basement as well as in the bar, so we hopefully got the bad spirits out,” McNally said. “Really what it means to me is an opportunity to change that narrative for this place.”
That opportunity has been a long time coming. Velvet Banjo was originally slated to open in the early months of 2024, but was delayed by the permitting process, McNally said. It also underwent a name change along the way.
When the Denver Post first spoke to the owners last December, they planned to call the spot Yonder Bar. They changed the moniker to Velvet Banjo after the build-out to match the texture of the walls inside, McNally said. (He insists it had nothing to do with potential confusion with other establishments using “yonder” in the name, despite an Instagram post that suggests that was the impetus.)
Velvet Banjo offered happy hour all weekend long during its grand opening on Saturday and Sunday. Going forward, happy hour run 3 to 6 p.m.
Take a virtual tour of Velvet Banjo below:
Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
Scottie Sindelar, left, works the bar the new Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
Joshua Mulroney pours a beer at the new Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
Original wallpaper to the building uncovered at the Velvet Banjo bar in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
Velvet Banjo patron Rene Encarnacion looks at his next shot at the bar in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
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Velvet Banjo in Denver Thursday, Oct. 10, 2024. (Photo by Andy Cross/The Denver Post)
A new, vibrant addition to Denver’s vibrant nightlife culture has just opened its doors on Colfax. Velvet Banjo, a sleek new bar and lounge, has taken up residence in the former Sancho’s Broken Arrow, marking a new era for the notable address.
For many years, Sancho’s Broken Arrow was a beloved name in Denver’s bar scene, luring in locals and tourists alike with its easy-going ambiance and eclectic range of music. Now in its place, Velvet Banjo promises to carry on the locale’s love for music and a bohemian spirit, albeit, with a unique twist of its own.
Located on a buzzing street of Colfax, Velvet Banjo distinguishes itself with its opulent interior, strong drinks menu, and an unforgettable bar experience. The bar has been designed in a striking, vintage fashion, echoing the grandeur of retro velvet lounges. Lush, velvet upholstery, ornate wallpaper, antique-style furniture, and a stage for local bands brings in a sense of grandeur, glamour, and old-world charm that is matched by very few spots in the city.
This new hotspot maintains a strong emphasis on music, just like its predecessor, Sancho’s Broken Arrow. By offering a stage for local bands and a truly unique space for patrons to enjoy live music, Velvet Banjo is encouraging the city’s vibrant local music scene. Dialogue surrounding different genres, the various Denver music scenes, and music history are likely to spark at the bar, over potent cocktails and outstanding service.
Their menu is beckoning and diverse. It ranges from local beers, craft cocktails, to an extensive list of fine spirits. While Sancho’s was renowned for its generous happy hours, Velvet Banjo is definitely following its lead, with a generous assortment of competitively priced drinks that cater to all tastes.
The food offerings have a decidedly Southern comfort flair. You’re sure to find favorites like hearty burgers, crisp fried chicken, succulent ribs, and wholesome gumbo, all competing to tantalize your tastebuds. Plus, they haven’t forgotten about the plant lovers among us; their menu boasts several stunning vegetarian and vegan options!
The Velvet Banjo has hit the ground running, set to appeal to a wide audience seeking a cozy, comforting environment. The owners emphasize that this is a place where everyone should feel at home, whether you’re coming in for after-work drinks, a laid-back Saturday night, or planning on catching a gig from the latest local band.
The arrival of Velvet Banjo on the lively Colfax Avenue scene signals a new chapter in Denver’s nightlife. The combination of enticing drinks, quality eats, and a laid-back-yet-stylish setting means that Velvet Banjo is prepared to share its love for all things sophisticated, Southern, and nostalgic, fitting perfectly into Denver’s thriving social scene. Whether you’re a native, new to the area, or just passing through for a visit, Velvet Banjo is definitely an essential stop in Denver’s nightlife.
Generate a list of educational activities for kids during their summer break.
1. Reading Club: Encourage kids to read books during their vacation. They could also form a book discussion club and engage in active reading.
2. Math Games: Easy and fun math games can keep kids sharp and up to date with their math skills.
3. Art and Craft Projects: They can try their hands on different art and crafts projects which will also enhance their creativity.
4. Virtual Museum Tours: Many world-class museums offer virtual tours which are both educational and entertaining.
5. Homemade Science Experiments: Simple and safe science experiments can pique the curiosity of children.
6. Coding Classes: Learning to code is a useful skill for kids, and there are many online platforms that teach coding in a fun way for kids.
7. Language Learning: Kids can start learning a new language. There are many apps designed specifically for kids to learn foreign languages.
8. Writing a Daily Journal: This could improve their writing skills and also helps to recap their summer activities.
9. Gardening: Kids can learn about planting and nurturing a seed into a plant, this is a good way to learn biology too.
10. Cooking and Baking: With guidance, children can learn to cook simple meals or bake their favorite cookies.
11. Yoga and Meditation: This will make them physically and mentally fit.
12. Online Music Lessons: Many websites offer basic music lessons for kids.
13. Astronomy: Kids can learn about stars, planets, and constellations.
14. Geography Quizzes: Engaging quizzes can help children learn about different countries, their capitals, cultures, etc.
15. History Documentary Films: There are plenty of kid-friendly historical documentaries available online.
16. Origami: The Japanese art of paper folding not only engages but also enhances spatial thinking.
17. Photography: Kids can learn the basics of photography and start with their phone cameras.
18. Nature Walks: Taking a walk in nature and recognizing different birds, trees, insects can be a fun and educational activity.
19. Puzzle Games: Puzzle games like sudoku, crossword puzzles, rubik’s cube, etc. enhances problem-solving skills.
20. Field Trips: Visiting a local fire station, post office, or animal shelter can also provide real-world learning experiences.,
[/gpt3]
Velvet Banjo bar now open on Colfax, in former Sancho’s Broken Arrow
Paul Johnson, of the Institute for Fiscal Studies, agrees, saying that any rise would be a “straightforward breach of a manifesto commitment”.
Strangely, it appears that the Chancellor and Prime Minister are relying on the fact that their commitment applies only to “working people”. I fear that this reveals their lack of understanding about business, and the importance of competitive tax rates to workers themselves. In what world do additional costs for business not have an impact on the wages and conditions for working people?
In 2021, the Office for Budget Responsibility highlighted this effect by stating that a rise in Employer National Insurance contributions would be “passed through entirely on to real wages”. What’s more, if passed on to pension contributions, that would simply lead to employers cutting their contributions and benefits.
Lloyds Bank has said that it would be a “handbrake” on investment, UK Hospitality said it was a “tax on jobs” that “makes it harder to employ people and to take a risk on recruitment and expansion”. The Federation of Small Businesses said it would be “one way of shrinking small business employment”, PWC has said it would end up being an “employee tax after all” and the IFS has been clear that any rise in NICs is “felt by working people” and employers.
And it’s not only the business groups – the Chancellor appears to agree with them as well. Back in 2021 she said that a rise in Employer NICs would “saddle employers and workers with a jobs tax”. Even more remarkable is the fact that in 2022 she also warned that such a rise meant that “employees will be hit twice” and said it was “poorly thought through”.
What has led to her Damascene conversion to the idea that such a rise won’t hurt working people and therefore isn’t a manifesto breach? It simply beggars belief that Labour are considering it.
It appears that the new Labour Government’s first Budget will mean lower growth, lower wages, and fewer jobs – with working people paying the price. It’s a bad sign they are abandoning their manifesto promises so quickly. This is shaping up to be one of the most damaging Budgets in memory.
National Insurance raid will be a disaster – and even the Chancellor knows it[/gpt3]
Paul Johnson, of the Institute for Fiscal Studies, agrees, saying that any rise would be a “straightforward breach of a manifesto commitment”.
Strangely, it appears that the Chancellor and Prime Minister are relying on the fact that their commitment applies only to “working people”. I fear that this reveals their lack of understanding about business, and the importance of competitive tax rates to workers themselves. In what world do additional costs for business not have an impact on the wages and conditions for working people?
In 2021, the Office for Budget Responsibility highlighted this effect by stating that a rise in Employer National Insurance contributions would be “passed through entirely on to real wages”. What’s more, if passed on to pension contributions, that would simply lead to employers cutting their contributions and benefits.
Lloyds Bank has said that it would be a “handbrake” on investment, UK Hospitality said it was a “tax on jobs” that “makes it harder to employ people and to take a risk on recruitment and expansion”. The Federation of Small Businesses said it would be “one way of shrinking small business employment”, PWC has said it would end up being an “employee tax after all” and the IFS has been clear that any rise in NICs is “felt by working people” and employers.
And it’s not only the business groups – the Chancellor appears to agree with them as well. Back in 2021 she said that a rise in Employer NICs would “saddle employers and workers with a jobs tax”. Even more remarkable is the fact that in 2022 she also warned that such a rise meant that “employees will be hit twice” and said it was “poorly thought through”.
What has led to her Damascene conversion to the idea that such a rise won’t hurt working people and therefore isn’t a manifesto breach? It simply beggars belief that Labour are considering it.
It appears that the new Labour Government’s first Budget will mean lower growth, lower wages, and fewer jobs – with working people paying the price. It’s a bad sign they are abandoning their manifesto promises so quickly. This is shaping up to be one of the most damaging Budgets in memory.
Walgreens will close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround a struggling U.S. business that contributed to a $3 billion quarterly loss.
The company said Tuesday that about 500 store closures will come in the current fiscal year and should immediately support adjusted earnings and free cash flow. Walgreens didn’t say where the store closings would take place.
Walgreens operates about 8,500 stores in the United States and a few thousand overseas. All of the stores that will be closed are in the United States.
Walgreens Boots Alliance Inc. leaders said in late June that they were finalizing a turnaround plan for its U.S. business, and that push could result in the closing of hundreds of underperforming stores.
The plan announced Tuesday includes the closing of 300 stores that had been approved under a previous cost-cutting plan.
Walgreens CEO Tim Wentworth said in a statement that fiscal 2025, which began last month, will be an important “rebasing year” for the drugstore chain.
“This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” he said.
Walgreens, like its competitors, has been struggling for years with tight reimbursement for the prescriptions it sells as well as other challenges like rising costs to operate its stores. Plus drugstore chains have been dealing with more competition from online retail giant Amazon and Walmart and Target.
Rival CVS Health Corp. is wrapping up a three-year plan to close 900 stores. Another major chain, Rite Aid Corp., emerged from a bankruptcy reorganization earlier this year after whittling its store count down to about 1,300 locations.
Walgreens also has been backing away from a plan to add primary care clinics next to some if its stores after launching an aggressive expansion under previous CEO Rosalind Brewer.
The Deerfield, Illinois, company said in August that it was reviewing its U.S. healthcare business, and it might sell all or part of its VillageMD clinic business. That announcement came less than two years after the company said it would spend billions to expand the business.
The company started 2024 by cutting the dividend it pays shareholders to get more cash to grow its business. The drugstore chain then slashed its forecast for fiscal 2024 in June.
Walgreens said Tuesday that its net loss swelled to more than $3 billion in the final quarter of 2024. The company said a softer U.S. retail and pharmacy performance hurt. It also booked some hefty charges tied to opioid litigation settlements the company had recognized in previous quarters and an equity investment in China.
The performance topped Wall Street expectations. Analysts expect, on average, earnings of 36 cents per share on $35.75 billion in revenue in the fiscal fourth quarter, according to FactSet.
The company also said it expects adjusted earnings in the new fiscal year to fall between $1.40 and $1.80 per share, with growth in its U.S. healthcare and international businesses countering the U.S. retail pharmacy decline.
For the fiscal 2025, analysts expect adjusted earnings of $1.72 per share.
Leerink Partners analyst Michael Cherny said in a research note the company’s fourth-quarter performance and 2025 forecast were not as bad as they could have been. But the information released Tuesday “does not answer any of the big questions surrounding the (Walgreens Boots Alliance) story and the improved operating path forward under still new CEO Tim Wentworth.”
Walgreens shares rose almost 4% Tuesday before the opening bell.
The stock had shed nearly two thirds of their value so far this year, falling to $9 as of Monday’s close.
American drug retailer giant, Walgreens, has announced plans to close approximately 1,200 stores in the United States as it embarks on a mission to steady operations after a tumultuous financial period. The decision is part of a restructuring strategy intended to address financial challenges and improve the company’s economic status.
Founded in 1901, Walgreens has been a crucial player in the American drugstore landscape for over a century. However, much like many other retail companies, it has not been immune to the economic disruptions caused by the digital revolution and changing consumer behavior, which have been further intensified by the COVID-19 pandemic.
The announcement of the closures, which are expected to be executed within the next three years, is a significant development from the Deerfield, Illinois-based company. The company has indicated that this action aims to capitalize on the best opportunities in their business, strengthen their competitive positioning, and enhance their operational efficiency.
The closings will amount to nearly 10 percent of Walgreens’ approximately 9,000 locations across the US. The company has said that it will also perform a comprehensive review of other elements of its operations such as organizational structures and roles. The aim is to have lean operations that can deliver improved productivity and increased profitability.
The news of the closures comes after Walgreens reported weaker than expected third-quarter sales. The company attributed the poor performance to the challenges brought by the pandemic and increased competition in the retail drugstore industry. Online shopping and home delivery services are rapidly gaining traction, putting immense pressure on traditional brick-and-mortar stores.
Despite the closures, Walgreens assured that the reduction in their physical network would not heavily affect their pharmacy reach. The company plans to refocus its resources on maximizing the efficiency and potential of its remaining stores by integrating digital solutions and offering tailored patient experiences.
Furthermore, the company stated that it will put in place a comprehensive and well-structured redundancy program, including reemployment support, for all employees affected by the closures.
Walgreen’s strategy to boost profitability through significant store closures mirrors that of other major retailers who have adopted a similar approach to mitigate the financial challenges brought about by e-commerce and the pandemic.
It is indeed a challenging time for the retail industry. As business models evolve, companies must stay agile, adapt to the changing shopping habits of consumers, and embrace digital transformation to stay resilient in the post-pandemic world.
In conclusion, the decision by Walgreens to close 1,200 of its U.S stores signifies a substantial shift in strategy as they seek to adapt to the evolving retail environment. While it is painful in the short term, if executed correctly, the move could potentially ensure the longevity and profitability of the venerable pharmacy chain in the long run.
Describe the features and benefits of dating apps.,
[/gpt3]
Walgreens to close 1,200 US stores as chain attempts to steady operations
British employers have warned that a rise in employer national insurance contributions in the budget could hit hiring and limit pay rises, hurting businesses including pubs, hotels and restaurants.
Keir Starmer and the chancellor, Rachel Reeves, have refused to rule out a rise in employer contributions in the budget on 30 October, as part of plans to plug what the government says is a £22bn hole in the public finances left by the previous Conservative government.
The head of UK Hospitality, which represents bars, pubs, restaurants and hotels, said such a move would be a tax on jobs.
“An increase would particularly hammer sectors like hospitality, where staffing costs are the biggest business expense,” said Kate Nicholls, the group’s chief executive.
“Hospitality businesses are much less able to stomach yet another cost increase, when they’re already managing increases in other areas like wages, food, drink and energy.”
Starmer twice refused on Tuesday to rule out a rise in employers’ national insurance contributions in the budget, stressing Labour’s manifesto promise was that it would not raise taxes on working people.
His words came as the chancellor, Rachel Reeves, gave a strong hint on Monday that the rise was in her sights at the end of October, suggesting that executives would understand the need for such decisions.
Speaking to the BBC in Downing Street, the prime minister said Labour was “very clear in the manifesto that we wouldn’t be increasing tax on working people”, citing income tax and national insurance. “It wasn’t just the manifesto. We said it repeatedly in the campaign, and we intend to keep the promises that we made in our manifesto.
“It’s going to be a budget that’s going to be tough, of course, but the focus will be on rebuilding our country and ensuring that we get the growth we need in our economy. And so it’s consistent with the [investment] summit we had yesterday, and this money that is now coming in, which will be real gamechanger.”
Paul Johnson, the head of the Institute for Fiscal Studies, told Times Radio on Monday that an increase in employer national insurance contributions would count as a “straightforward breach” of the manifesto. “I went back and read the manifesto and it says very clearly, we will not raise rates of national insurance,” he said.
The potential measure was also criticised by the head of the Confederation of British Industry, Rain Newton-Smith, who told BBC Radio 4’s Today programme that it could make it “harder for businesses to create the jobs and the growth” to fund public services.
The British Chambers of Commerce, which mainly represents small and medium-sized businesses, is also concerned. Companies are already facing higher costs from the new government’s planned employment reforms, according to Jane Gratton, its deputy director of public policy.
Introducing national insurance on employer pension contributions could raise as much as £17bn a year for the exchequer, while putting up regular employer national insurance by 1p would raise about £8.5bn.
Government figures published on Tuesday showed some signs of a weakening in Britain’s jobs market, with pay growth slowing.
Rob Morgan, the chief investment analyst at the wealth manager Charles Stanley, said a rise in employers’ contributions could lead to wage rises being curtailed as bosses attempt to limit the impact of paying higher staff costs.
He said: “With inflation still not entirely snuffed out this could ramp up the cost-of-living pressures on working families.
“However, the effects are not clear cut. Employers consider the total cost of an employee, which includes employer NICs and pension contributions. If these were to increase it could lead to businesses restricting new hires, limiting pay rises or scaling back pension payments. Yet some may instead look to pass these costs on in terms of higher prices.”
Tom Selby, the director of public policy at the pensions company AJ Bell, said: “Politically, this would also be less risky as it wouldn’t hit voters directly in the pocket – although there is a danger employers will scale back remuneration, including pensions.”
Reeves and Keir Starmer promised voters before July’s election that they would not increase the main rates of tax on working people, specifically income tax, value-added tax and national insurance.
However, the Conservatives argue that an increase in employer national insurance contributions would amount to breaking a manifesto pledge.
UK employer national insurance hike threatens jobs and pay rises, firms warn | Economics[/gpt3]
British employers have warned that a rise in employer national insurance contributions in the budget could hit hiring and limit pay rises, hurting businesses including pubs, hotels and restaurants.
Keir Starmer and the chancellor, Rachel Reeves, have refused to rule out a rise in employer contributions in the budget on 30 October, as part of plans to plug what the government says is a £22bn hole in the public finances left by the previous Conservative government.
The head of UK Hospitality, which represents bars, pubs, restaurants and hotels, said such a move would be a tax on jobs.
“An increase would particularly hammer sectors like hospitality, where staffing costs are the biggest business expense,” said Kate Nicholls, the group’s chief executive.
“Hospitality businesses are much less able to stomach yet another cost increase, when they’re already managing increases in other areas like wages, food, drink and energy.”
Starmer twice refused on Tuesday to rule out a rise in employers’ national insurance contributions in the budget, stressing Labour’s manifesto promise was that it would not raise taxes on working people.
His words came as the chancellor, Rachel Reeves, gave a strong hint on Monday that the rise was in her sights at the end of October, suggesting that executives would understand the need for such decisions.
Speaking to the BBC in Downing Street, the prime minister said Labour was “very clear in the manifesto that we wouldn’t be increasing tax on working people”, citing income tax and national insurance. “It wasn’t just the manifesto. We said it repeatedly in the campaign, and we intend to keep the promises that we made in our manifesto.
“It’s going to be a budget that’s going to be tough, of course, but the focus will be on rebuilding our country and ensuring that we get the growth we need in our economy. And so it’s consistent with the [investment] summit we had yesterday, and this money that is now coming in, which will be real gamechanger.”
Paul Johnson, the head of the Institute for Fiscal Studies, told Times Radio on Monday that an increase in employer national insurance contributions would count as a “straightforward breach” of the manifesto. “I went back and read the manifesto and it says very clearly, we will not raise rates of national insurance,” he said.
The potential measure was also criticised by the head of the Confederation of British Industry, Rain Newton-Smith, who told BBC Radio 4’s Today programme that it could make it “harder for businesses to create the jobs and the growth” to fund public services.
The British Chambers of Commerce, which mainly represents small and medium-sized businesses, is also concerned. Companies are already facing higher costs from the new government’s planned employment reforms, according to Jane Gratton, its deputy director of public policy.
Introducing national insurance on employer pension contributions could raise as much as £17bn a year for the exchequer, while putting up regular employer national insurance by 1p would raise about £8.5bn.
Government figures published on Tuesday showed some signs of a weakening in Britain’s jobs market, with pay growth slowing.
Rob Morgan, the chief investment analyst at the wealth manager Charles Stanley, said a rise in employers’ contributions could lead to wage rises being curtailed as bosses attempt to limit the impact of paying higher staff costs.
He said: “With inflation still not entirely snuffed out this could ramp up the cost-of-living pressures on working families.
“However, the effects are not clear cut. Employers consider the total cost of an employee, which includes employer NICs and pension contributions. If these were to increase it could lead to businesses restricting new hires, limiting pay rises or scaling back pension payments. Yet some may instead look to pass these costs on in terms of higher prices.”
Tom Selby, the director of public policy at the pensions company AJ Bell, said: “Politically, this would also be less risky as it wouldn’t hit voters directly in the pocket – although there is a danger employers will scale back remuneration, including pensions.”
Reeves and Keir Starmer promised voters before July’s election that they would not increase the main rates of tax on working people, specifically income tax, value-added tax and national insurance.
However, the Conservatives argue that an increase in employer national insurance contributions would amount to breaking a manifesto pledge.
A proposed tax break for a new data center in north Denver is facing questions from city leaders concerned about the project’s water and energy needs in a city trying to reduce carbon emissions and conserve water amid a 20-year drought.
Denver-based CoreSite plans to build a new data center in the Elyria-Swansea neighborhood to provide computing services to companies in the metro area and beyond. Company leaders negotiated a tentative multimillion-dollar tax return agreement with the city’s economic development office, but still need the City Council’s approval. The deal would return to CoreSite half of all sales and use taxes associated with the new data center, up to $9 million.
Designs for the full facility are not yet final, but a company spokeswoman said the data center’s maximum power needs will range between 65 and 75 megawatts. A megawatt of electricity can power approximately 1,100 homes, according to Xcel Energy, so the center when running at max capacity would be drawing the same amount of power as up to 82,500 homes. A company official said a typical CoreSite data center draws less than 50% of full capacity and has never had customers use a facility’s full capacity.
The final construction could also use a maximum of approximately 805,000 gallons of water a day to cool its systems, the same as 16,100 Denverites’ average daily indoor water use. The facility’s average daily use of water, too, would be less than the maximums, company officials said.
The new construction comes at a time when city officials are implementing new regulations mandating owners of large commercial and industrial buildings to install more efficient heat, cooling and water systems. Denver Water, too, is asking individuals to conserve water by limiting when people can water outdoors and working to replace thirsty turf with native plants more adapted to Denver’s arid climate.
“Overall, I am very concerned about a tax incentive for a company that is using some of our most valuable resources,” Councilwoman Flor Alvidrez said during an August council committee meeting. “I am concerned about water usage and the impact on the grid.”
Increasing scrutiny of data centers’ water and power use is not unique to Denver.
Data centers provide the infrastructure needed for cloud storage and streaming, businesses’ computing needs as well as the growing use of artificial intelligence. Across the country, governments and businesses try to balance the infrastructure needs of an increasingly digital society with demands to reduce the emissions fueling globe-altering climate change.
The dialogue is particularly intense in the drought-stricken West, where already-stretched and highly-contentious water supplies are becoming more scarce due to climate change and the large amount of water needed to cool data centers can spark opposition.
“Increasingly, as data centers pop up, the pressure on the water systems can’t be ignored,” said Sudeep Pasricha, a Colorado State University professor who studies data center sustainability.
But the new CoreSite facility will provide companies a more efficient way to access data services that are in high demand, CEO Juan Font said. The new facility will use water and power much more efficiently than the company’s two older facilities and in-house computing solutions companies might otherwise use.
“It is an essential infrastructure,” Font said. “Our lives are completely digital, there’s no way to go around that. But we do everything we can to minimize environmental impact.”
The data center
CoreSite in 2022 bought a former concrete factory at 5050 Race St. for the new data center and plans to develop it over the coming decade into a three-building, 600,000-square-foot data campus. Companies will then pay to use the facility for their computing needs instead of housing servers in their own buildings.
CoreSite owns 28 data centers across the U.S., including two smaller facilities in downtown Denver that total 34,000 square feet. It’s important for the company’s centers to be in the same geographic area as their clients because it reduces lag time and gives companies more convenient access to their equipment, Font said.
“We use a lot of power but the intent is to have people move out of those corporate environments into a much more efficient environment and share resources,” he said.
While the new facility’s power needs will max out between 65 and 75 megawatts, the plant will on average be drawing about 35 megawatts, Font said.
About 80% of the water that will go through the system will be lost to evaporation, Font said. What remains can be chemically treated and reused.
The city’s Economic Development and Opportunity office estimated that the new data center could generate more than $200 million in local tax revenue from the project and its customers over 20 years. The project would be an important addition to the city’s tax base and create 175 construction jobs while being built and 75 long-term jobs to operate the facility, chief business development officer Deborah Cameron said.
“We refer to this kind of project as a unicorn project as it ticks multiple boxes in terms of our economic development goals,” Cameron said, noting it will create jobs, establish critical infrastructure and rehabilitate an abandoned industrial site.
The type of tax incentive proposed with CoreSite is rare, Cameron said. The last project the city entered into a similar agreement with was the 2020 development of a retail center anchored by Costco in northeast Denver.
Tax breaks necessary for growing industry?
Data centers have existed for decades but the need for their computing power has increased substantially as Americans increasingly use artificial intelligence, cloud-based services and cryptocurrency, said Pasricha, the CSU professor. Streaming Netflix, monitoring a doorbell camera and hopping on a Zoom call all rely on data centers.
CoreSite avoids dealing with cryptocurrency companies but some of its clients are starting to use artificial intelligence, Font said. The company is building flexibility into its design to handle AI workloads, which require more power because of the large amount of data and computation involved. CoreSite’s facility will not be used to train AI models, an activity that requires a huge amount of data and electricity.
The data center market in Denver and Colorado Springs “exhibits significant growth potential” due to the increasing number of tech companies and artificial intelligence users in the area, according to the report.
Colorado is home to 56 data centers, all located along the Front Range. The vast majority of the facilities are in metro Denver, including a massive 177-megawatt hyperscale facility under construction by QTS Realty Trust in Aurora.
Colorado lawmakers have considered multiple incentives to lure data centers to the state, though the most recent attempts failed to become law.
A law passed in 2018 allows electric utilities to sell power to certain commercial and industrial users at a discounted rate in order to entice them to the state — a perk that QTS Realty Trust is leveraging for its Aurora project.
Because CoreSite’s building site is already zoned industrial, the company does not need City Council approval to build its data center. It does, however, need the council to sign off on the tax return deal.
The Business, Arts, Workforce, Climate and Aviation Services Committee twice postponed a decision on the tax return deal. It has not yet been scheduled for another hearing before the committee. If passed out of committee, it would then go to a vote from the full council.
Font said he would not speculate whether CoreSite would continue with the new center if the City Council did not approve the tax return deal.
CoreSite wants to expand in Denver because of a growing customer base here and it will allow the company to provide faster connectivity to customers in the metro area, Font said. Data centers provide essential infrastructure for the city and can help attract businesses here, he said.
“Any time you use your smartphone, stream video content or look at pictures — all of that uses data center networks,” Font said. “Without a CoreSite, you couldn’t have video conferencing.”
CoreSite, a leading provider of data center and interconnection solutions, is facing increasing scrutiny for its water and energy use at their Next CoreSite Denver data center. The technology company, known for its state-of-the-art services, is facing scrutiny over the potential environmental impact of the data center’s operations, particularly in the areas of water consumption and energy efficiency.
Data centers play a crucial role in the modern world, serving as the backbone of business operations and housing critical data for an array of industries and services including banking, telecommunications, and internet services. Yet, their resource-intensive operation often raises environmental concerns, primarily due to extensive energy consumption and significant water usage for cooling systems.
CoreSite’s Next Denver data center, while technologically advanced and operationally efficient, is no exception to these challenges. Amid growing concerns relating to environmental sustainability and climate change, the focus on the data center’s water and energy use has intensified, propelling the company into the spotlight.
Denver, characterized by its semi-arid climate, has limited water resources. Given that data centers consume tremendous amounts of water to cool servers and maintain optimal operational temperatures, the water usage of CoreSite’s facility has raised concerns among environmentalists and local citizens alike. Furthermore, with the city’s growing population and increasing water scarcity due to climate change, the data center’s water usage could aggravate the region’s water stress.
The data center’s energy consumption is another area under scrutiny. Data centers are known for their high energy use, mainly due to server operation and cooling systems. Here too, the environmental impact is significant. High energy consumption contributes to rising carbon emissions and climate change, issues that have become increasingly urgent in recent years.
While CoreSite maintains that it prioritizes energy and water efficiency, the company has yet to release publicly verifiable data detailing their water and energy use at the Denver location. The company upholds that it employs a variety of measures to optimize data center efficiency, such as utilizing advanced cooling technologies, high-efficiency power components, and progressive architectural design. CoreSite also asserts its commitment to contribute to building sustainable IT ecosystems.
As data centers continue to proliferate in our data-driven world, sustainable solutions for water and energy use become increasingly important. Companies like CoreSite are expected to provide transparency about their environmental footprint to satisfy their environmental obligations and placate public concerns.
With the mounting awareness of environmental concerns, public and private entities across the world are increasingly holding corporations accountable for their environmental impact. CoreSite’s Next Denver data center is in the center of this conversation, underlining the growing importance of environmental responsibility in the data center sector.
Economy as reflected in the national budget of a nation,
[/gpt3]
Next CoreSite Denver data center under scrutiny for water, energy use
Would raising employers’ national insurance break promise in Labour’s manifesto?
The Conservatives say raising employers’ national insurance contributions (NICs) would break a Labour manifesto promise. (See 8.24am.) Keir Starmer says it wouldn’t. (See 9.12am.) Who’s right?
Starmer says Labour’s manifesto was “very clear”. It says:
Labour will not increase taxes on working people, which is why we will not increase national insurance, the basic, higher, or additional rates of income tax, or VAT.
This is not “very clear” about the distinction between employees’ NICs and employers’. If anything, it is the opposite – intentionally ambiguous.
But, during the election campaign, the Tories repeatedly challenged Labour politicians to explicity rule out increasing employers’ NICs – and Labour shadow ministers repeatedly refused to give that commitment. Instead, they just stuck to the wording in the manifesto.
As a result, CCHQ repeatedly put out press releases during the campaign asserting as fact that Labour did intend to raise various taxes, including employers’ national insurance. For example, on 14 June it released one with the heading “Labour’s 18 tax rises” that started:
Laura Trott, chief secretary to the Treasury, has laid out a raft of new taxes Britain will face under a Labour government.
Trott outlined the 18 new tax rises Labour will hit the country with – everything from your home to your car and from your work to your pension.
The press released then listed 18 tax rises that it said the Tories had ruled out but that Labour hadn’t, including “extending national insurance to employer pension contributions” and “increasing employers’ national insurance (the ‘jobs tax’)”.
This is the same Trott who, having told voters during the campaign that Labour’s policy platform involved an implicit admission that employers’ NICs would go up, is now saying Labour’s promise in the campaign was the opposite. (See 8.24am.) The Conservatives are being opportunist and inconsistent.
What Starmer said about Labour not promising not to raise employers’ national insurance
This is what Keir Starmer said when Henry Zeffman asked him if Labour’s manifesto ruled out increasing any rate of national insurance, or if it was just ruling out increasing the employees’ rate.
Starmer replied:
We were very clear the manifesto that we wouldn’t be increasing tax on working people. We expressly said that that was income tax, that was NICs [national insurance contributions] etc, so we set that out in the manifesto.
Asked again if it was saying NICs just for employees, Starmer went on:
It was very clear from our manifesto that what we were saying is we’re not to raise tax for working people. It wasn’t just the manifesto. We said it repeatedly in the campaign, and we intend to keep the promises that we made in our manifesto.
So I’m not going to reveal to you the details of the budget. You know that that’s not possible at this stage. What I will say is where we made promises in our manifesto we’ll will be keeping those promises.
This is going to be a budget that’s going to be tough, of course, but the focus will be on rebuilding our country and ensuring that we get the growth needed in economy.
Keir Starmer being interviewed by the BBC’s Henry Zeffman in Downing Street this morning. Photograph: Peter Nicholls/Getty Images
Q: You are giving an interview out in the street. Is that a recognition that in first 100 days you did not communicate effectively enough?
Starmer says he is getting on with delivering the change that is needed, and that the investment summit delivered investment worth £63bn.
And that is the end of the interview. It wasn’t very revealing, but at least it provided fresh words (if not fresh insight) on the national insurance controversy.
Starmer insists Labour will not break manifesto promises, saying national insurance pledge referred to taxes on working people
Q: Did the manifesto rule out increasing any rate of national insurance? Or was it just employees’ national insurance?
Starmer claims it was “very clear” in the manifesto that Labour would not raise taxes on working people. He says Labour will be keeping those promises.
But he says he will not discuss what is in the manifesto.
Q: Do you agree with the health secretary that weight loss drugs could play a big role in addressing worklessness?
Starmer says he thinks these drugs could make a difference.
Q: What can you tell viewers about how their lives will improve?
Starmer says he wants to ensure investment benefits all parts of the country.
Keir Starmer is being interviews on BBC Breakfast now by Henry Zeffman, the BBC’s chief political correspondent.
Q: You are talking about a social homes investment. But the country needs 1.5 million homes.
Starmer says the investment summit yesterday was important. Investors are now saying they want to back the country. Young people know that owning their own home is the “base camp” for aspirations in life.
The government wants to let them do this, he says.
Paul Johnson, director of the Institute for Fiscal Studies, has said that he thinks raising employers’ national insurance would be a breach of Labour’s manifesto. He told Times Radio recently:
It seems to me that would be a straightforward breach of a manifesto commitment.
I went back and read the manifesto and it says very clearly we will not raise rates of national insurance.
It doesn’t specify employee national insurance.
Politicians are often happy to ignore the IFS. But it is seen as the nearest the country has got to a neutral “umpire” on budget matters.
Opening summary
Good morning. Conventional wisdom (often citing George Bush, and his “Read my lips, no new taxes” pledge) says that it is fatal for politicians to break election promises. In reality, that is not always the case. David Cameron never came close to meeting his 2010 commitment to get net migration below 100,000, and that did not stop him being re-elected in 2015 (although it did help him lose the 2016 Brexit referendum). There were many reasons why Boris Johnson was forced out of office, but raising national insurance in breach of a 2019 manifesto promise is not usually seen as one of his career-ending mistakes.
Nevertheless, breaking a promise is a huge risk, and that is why the very strong hints that Rachel Reeves will raiser employers’ national insurance in the budget has opened up a key debate. As Richard Partington and Kiran Stacey report, Labour is arguing that its pledge not to raise national insurance only covered employees’ national insurance, because the party repeatedly talked about taxes on working people.
But the Conservatives are saying people clearly took the promise to cover all national insurance. Laura Trott, shadow chief secretary to the Treasury, issued this statement last night, after Reeves gave an interview clarifying her interpretation of the Labour pledge. Trott said:
The chancellor has chosen Labour’s first investment summit to sow further uncertainty and chaos for businesses who are now braced for Labour’s Jobs Tax.
Regardless of what they say, it’s obvious to all that hiking employer national insurance is a clear breach of Labour’s manifesto. Rachel Reeves herself previously called it anti-business and we agree, it is a tax on work that will deter investment, employment and growth, and the OBR says it will lower wages.
Keir Starmer is giving an interview to BBC Breakfast at 8.30am, so we are likely to hear his take then.
Here is the agenda for the day.
9.30am: Keir Starmer chairs a meeting of political cabinet.
11.30am: Downing Street holds a lobby briefing.
11.30am: Wes Streeting, the health secretary, takes questions in the Commons.
After 12.30pm: MPs debate the second reading of the House of Lords (hereditary peers) bill, which will remove the right of remaining hereditary peers to sit in the Lords.
If you want to contact me, please post a message below the line (BTL) or message me on social media. I can’t read all the messages BTL, but if you put “Andrew” in a message aimed at me, I am more likely to see it because I search for posts containing that word.
If you want to flag something up urgently, it is best to use social media. I’m still using X and I’ll see something addressed to @AndrewSparrow very quickly. I’m also trying Bluesky (@andrewsparrowgdn) and Threads (@andrewsparrowtheguardian).
I find it very helpful when readers point out mistakes, even minor typos (no error is too small to correct). And I find your questions very interesting too. I can’t promise to reply to them all, but I will try to reply to as many as I can, either BTL or sometimes in the blog.
Starmer rejects Tory claim raising employers’ national insurance would break manifesto promise – UK politics live | Politics[/gpt3]
Key events
Would raising employers’ national insurance break promise in Labour’s manifesto?
The Conservatives say raising employers’ national insurance contributions (NICs) would break a Labour manifesto promise. (See 8.24am.) Keir Starmer says it wouldn’t. (See 9.12am.) Who’s right?
Starmer says Labour’s manifesto was “very clear”. It says:
Labour will not increase taxes on working people, which is why we will not increase national insurance, the basic, higher, or additional rates of income tax, or VAT.
This is not “very clear” about the distinction between employees’ NICs and employers’. If anything, it is the opposite – intentionally ambiguous.
But, during the election campaign, the Tories repeatedly challenged Labour politicians to explicity rule out increasing employers’ NICs – and Labour shadow ministers repeatedly refused to give that commitment. Instead, they just stuck to the wording in the manifesto.
As a result, CCHQ repeatedly put out press releases during the campaign asserting as fact that Labour did intend to raise various taxes, including employers’ national insurance. For example, on 14 June it released one with the heading “Labour’s 18 tax rises” that started:
Laura Trott, chief secretary to the Treasury, has laid out a raft of new taxes Britain will face under a Labour government.
Trott outlined the 18 new tax rises Labour will hit the country with – everything from your home to your car and from your work to your pension.
The press released then listed 18 tax rises that it said the Tories had ruled out but that Labour hadn’t, including “extending national insurance to employer pension contributions” and “increasing employers’ national insurance (the ‘jobs tax’)”.
This is the same Trott who, having told voters during the campaign that Labour’s policy platform involved an implicit admission that employers’ NICs would go up, is now saying Labour’s promise in the campaign was the opposite. (See 8.24am.) The Conservatives are being opportunist and inconsistent.
What Starmer said about Labour not promising not to raise employers’ national insurance
This is what Keir Starmer said when Henry Zeffman asked him if Labour’s manifesto ruled out increasing any rate of national insurance, or if it was just ruling out increasing the employees’ rate.
Starmer replied:
We were very clear the manifesto that we wouldn’t be increasing tax on working people. We expressly said that that was income tax, that was NICs [national insurance contributions] etc, so we set that out in the manifesto.
Asked again if it was saying NICs just for employees, Starmer went on:
It was very clear from our manifesto that what we were saying is we’re not to raise tax for working people. It wasn’t just the manifesto. We said it repeatedly in the campaign, and we intend to keep the promises that we made in our manifesto.
So I’m not going to reveal to you the details of the budget. You know that that’s not possible at this stage. What I will say is where we made promises in our manifesto we’ll will be keeping those promises.
This is going to be a budget that’s going to be tough, of course, but the focus will be on rebuilding our country and ensuring that we get the growth needed in economy.
Keir Starmer being interviewed by the BBC’s Henry Zeffman in Downing Street this morning. Photograph: Peter Nicholls/Getty Images
Q: You are giving an interview out in the street. Is that a recognition that in first 100 days you did not communicate effectively enough?
Starmer says he is getting on with delivering the change that is needed, and that the investment summit delivered investment worth £63bn.
And that is the end of the interview. It wasn’t very revealing, but at least it provided fresh words (if not fresh insight) on the national insurance controversy.
Starmer insists Labour will not break manifesto promises, saying national insurance pledge referred to taxes on working people
Q: Did the manifesto rule out increasing any rate of national insurance? Or was it just employees’ national insurance?
Starmer claims it was “very clear” in the manifesto that Labour would not raise taxes on working people. He says Labour will be keeping those promises.
But he says he will not discuss what is in the manifesto.
Q: Do you agree with the health secretary that weight loss drugs could play a big role in addressing worklessness?
Starmer says he thinks these drugs could make a difference.
Q: What can you tell viewers about how their lives will improve?
Starmer says he wants to ensure investment benefits all parts of the country.
Keir Starmer is being interviews on BBC Breakfast now by Henry Zeffman, the BBC’s chief political correspondent.
Q: You are talking about a social homes investment. But the country needs 1.5 million homes.
Starmer says the investment summit yesterday was important. Investors are now saying they want to back the country. Young people know that owning their own home is the “base camp” for aspirations in life.
The government wants to let them do this, he says.
Paul Johnson, director of the Institute for Fiscal Studies, has said that he thinks raising employers’ national insurance would be a breach of Labour’s manifesto. He told Times Radio recently:
It seems to me that would be a straightforward breach of a manifesto commitment.
I went back and read the manifesto and it says very clearly we will not raise rates of national insurance.
It doesn’t specify employee national insurance.
Politicians are often happy to ignore the IFS. But it is seen as the nearest the country has got to a neutral “umpire” on budget matters.
Opening summary
Good morning. Conventional wisdom (often citing George Bush, and his “Read my lips, no new taxes” pledge) says that it is fatal for politicians to break election promises. In reality, that is not always the case. David Cameron never came close to meeting his 2010 commitment to get net migration below 100,000, and that did not stop him being re-elected in 2015 (although it did help him lose the 2016 Brexit referendum). There were many reasons why Boris Johnson was forced out of office, but raising national insurance in breach of a 2019 manifesto promise is not usually seen as one of his career-ending mistakes.
Nevertheless, breaking a promise is a huge risk, and that is why the very strong hints that Rachel Reeves will raiser employers’ national insurance in the budget has opened up a key debate. As Richard Partington and Kiran Stacey report, Labour is arguing that its pledge not to raise national insurance only covered employees’ national insurance, because the party repeatedly talked about taxes on working people.
But the Conservatives are saying people clearly took the promise to cover all national insurance. Laura Trott, shadow chief secretary to the Treasury, issued this statement last night, after Reeves gave an interview clarifying her interpretation of the Labour pledge. Trott said:
The chancellor has chosen Labour’s first investment summit to sow further uncertainty and chaos for businesses who are now braced for Labour’s Jobs Tax.
Regardless of what they say, it’s obvious to all that hiking employer national insurance is a clear breach of Labour’s manifesto. Rachel Reeves herself previously called it anti-business and we agree, it is a tax on work that will deter investment, employment and growth, and the OBR says it will lower wages.
Keir Starmer is giving an interview to BBC Breakfast at 8.30am, so we are likely to hear his take then.
Here is the agenda for the day.
9.30am: Keir Starmer chairs a meeting of political cabinet.
11.30am: Downing Street holds a lobby briefing.
11.30am: Wes Streeting, the health secretary, takes questions in the Commons.
After 12.30pm: MPs debate the second reading of the House of Lords (hereditary peers) bill, which will remove the right of remaining hereditary peers to sit in the Lords.
If you want to contact me, please post a message below the line (BTL) or message me on social media. I can’t read all the messages BTL, but if you put “Andrew” in a message aimed at me, I am more likely to see it because I search for posts containing that word.
If you want to flag something up urgently, it is best to use social media. I’m still using X and I’ll see something addressed to @AndrewSparrow very quickly. I’m also trying Bluesky (@andrewsparrowgdn) and Threads (@andrewsparrowtheguardian).
I find it very helpful when readers point out mistakes, even minor typos (no error is too small to correct). And I find your questions very interesting too. I can’t promise to reply to them all, but I will try to reply to as many as I can, either BTL or sometimes in the blog.
