Southland: Q1 Earnings Snapshot
GRAPEVINE, Texas (AP) — GRAPEVINE, Texas (AP) — Southland Holdings Inc. (SLND) on Tuesday reported a loss of $4.6 million in its first quarter.
On a per-share basis, the Grapevine, Texas-based company said it had a loss of 8 cents.
The infrastructure construction company posted revenue of $239.5 million in the period.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLND at https://www.zacks.com/ap/SLND
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CNBC
9 minutes ago
- CNBC
Russia's ruble rockets: The curious case of the world's best-performing currency this year
In the midst of a long-drawn war, declining oil prices, stiff sanctions, and an economy that's on the downhill, Russia's ruble has been rising. In fact, it is the world's best-performing currency so far this year, according to Bank of America, with gains of over 40%. The ruble's stunning rally in 2025 marks a sharp reversal from the past two years when the currency had depreciated dramatically. What's powering the Russian currency? The strength in the ruble has less to do with a sudden jump in foreign investors' confidence than with capital controls and policy tightening, market watchers told CNBC. The weakness in the dollar comes as an added bonus. Brendan McKenna, international economist and foreign exchange strategist at Wells Fargo, lists three reasons for the ruble's rally. "The central bank has opted to keep rates relatively elevated, capital controls and other FX restrictions have tightened a bit, and [there's been] some progress or attempt at progress in finding a peace between Russia and Ukraine." Russia's central bank has maintained a restrictive stance to curtail high inflation, keeping domestic interest rates high at 21% and tightening credit. The steep borrowing costs are deterring local businesses from importing goods, in turn reducing demand for foreign currency among Russian businesses and consumers, said industry watchers. There's been a decline in foreign currency demand from local importers, given weak consumption and the adequate supply of ruble, said Andrei Melaschenko, an economist at Renaissance Capital. That decline has given the ruble a boost as banks don't need to sell rubles to buy the dollar or yuan. Russian exporters need to be paid in rubles, or at least convert dollar payment into rubles, thereby increasing demand. Importers, on the other hand, have stopped purchasing foreign goods, and so do not need to sell rubles to pay in dollars. In the first quarter of 2025, there was an "overstocking" in consumer electronics, cars and trucks which were actively imported in the second half of last year in anticipation of the increase in import duties, said the Moscow-based economist. The consumer activity cooldown was primarily in the durable goods sector, which made up a sizable portion of Russia's imports, Melaschenko said. Another key reason the Russian ruble has strengthened this year is that Russian exporters, in particular the oil industry, have been converting foreign earnings back into rubles, analysts said. The Russian government requires large exporters to bring a portion of their foreign earnings back into the country and exchange them for rubles on the local market, according to the government. Between January and April, the sales of foreign currencies by the largest exporters in Russia totaled $42.5 billion, data from CBR showed. This is almost a 6% jump compared to the four months before January. CBR shrinking money supply is also supporting ruble, said Steve Hanke, professor of applied economics at Johns Hopkins University. In August 2023, the rate of growth in the money created by the CBR was soaring at 23.9% per year, he said. This figure has turned negative since January — currently contracting at a rate of -1.19% per year, said Hanke. Further, hopes for a peace deal between Ukraine and Russia following the election of U.S. President Donald Trump had also sparked some optimism, said Wells Fargo's McKenna. Expectations of Russia's reintegration into the economy had prompted some capital flows back into ruble-denominated assets, in spite of the capital controls, which have supported the currency's strength to some extent. Despite the ruble's current strength, analysts caution that it may not be sustainable. Oil prices—a major pillar of Russia's export economy — have fallen significantly this year, which could weigh on FX inflows. "We believe that the ruble is close to its maximum and may begin to weaken in the near future," Melaschenko said. "Oil prices have fallen significantly, which should be reflected in a decrease in export revenue and the sale of its foreign currency component," he added. While peace talks between Russia and Ukraine recently have not wielded any concrete developments, McKenna also noted that a concrete peace deal could erode ruble's strength as the controls such as the FX restrictions that have supported the currency might be lifted. "Ruble can selloff pretty rapidly going forward, especially if a peace or ceasefire is reached," he said. "In that scenario, capital controls probably get fully lifted and the central bank might cut rates rather quickly," he added. Exporters are also seeing slimmer margins, industry analysts noted, in particular the country's oil sector against the backdrop of declining global oil prices. The government, too, is feeling the squeeze — lower oil prices combined with a stronger ruble are eroding oil and gas revenues. The government's finances are highly sensitive to fluctuations in crude prices, with oil and gas earnings making up around 30% of federal revenues in 2024, according Heli Simola, senior economist at the Bank of Finland. "The Ministry of Finance has been forced to lean more heavily on the National Welfare Fund to cover spending," Melaschenko said. "And there may be further cuts to non-priority expenditures if this trend continues." That said, aside from the oil trade, Russia has been mostly isolated from the global marketplace. "Meaning, a weaker RUB does not add much to Russia's trade competitiveness," said McKenna.
Yahoo
15 minutes ago
- Yahoo
Loblaw pulls Folgers coffee from shelves over 'unjustified' cost increases
Shoppers at Loblaw Cos. Ltd.'s stores will soon no longer be able to get a coffee fix by purchasing Folgers-brand products after a pricing dispute prompted the grocer to pull them from its shelves. In an email sent to retailers on Wednesday, Loblaw said it decided to delist all Folgers products after talks with the coffee maker's manufacturer couldn't solve the impasse. "After several weeks of negotiations, we were unable to reach an agreement with the manufacturers of Folgers coffee regarding their significant and unjustified proposed price increases," said the email signed by Loblaw category director Suren Theivakadacham and obtained by The Canadian Press. "We are doing this because we are on the side of customers, and doing what we can to keep prices low ... This decision to delist Folgers coffee reflects our commitment to providing value for customers by not accepting unreasonable cost increases that would hurt Canadians." The email contained an attached list of alternative coffee products the grocer offers as stores prepare to update their shelves. The move comes as coffee prices continue to rise in Canada. Last month, Statistics Canada reported the price of coffee and tea was up 13.4 per cent in April on a year-over-year basis — outpacing both the 3.8 per cent increase in the cost of groceries that month, as well as Canada's overall inflation rate of 1.7 per cent. Experts say higher coffee prices are in part due to recent extreme weather and changes in temperature, which have caused some producers to experience lower yields. Other pressures include a weak Canadian dollar, making it more expensive to import coffee to Canada from other countries, along with the fact coffee is one of the products still subject to Canada's retaliatory tariffs against the U.S. While the U.S. isn't a major producer of coffee, Canadian distributors often purchase it from American brokers. Folgers products are made by the Orrville, Ohio-based J.M. Smucker Co., which raised prices of its coffee offerings both last June and October in response to higher costs it is facing. President and CEO Mark Smucker told analysts on the company's quarterly earnings call in February that more coffee price increases were likely on the way. He said pricing decisions are dictated by costs it faces. "Although we haven't laid out when other pricing is going to happen, we do expect it's going to happen in the next fiscal year, probably in the first half," Smucker said at the time. In a statement, the company said it has been experiencing "record high and sustained" prices of unroasted coffee beans. "Our pricing actions have been managed prudently and responsibly and have only been taken when justified by costs," said Smucker's spokesman Frank Cirillo in an email on Thursday. "We remain dedicated to working with all our retail partners to manage increased input costs while delivering value to our shared consumers." But Loblaw spokeswoman Catherine Thomas said Folgers' proposed cost increases were "unreasonable and unjustified based on underlying costs" and that the grocer felt it was important to push back as many Canadians continue to struggle with unaffordability. "Despite several attempts to address this with the manufacturer, we were not successful," Thomas said in a statement. "We will not accept or pass unjustified cost increases on to customers and therefore we have removed Folgers from our shelves ... We recognize this may create some inconvenience for customers and for that we apologize but again, we will do what is right to help address price increases." Thomas added Loblaw expects most of its stores to be out of stock of Folgers products over the next week or two. This report by The Canadian Press was first published June 5, 2025. Companies in this story: (TSX:L) Sammy Hudes, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
San Francisco Chronicle
23 minutes ago
- San Francisco Chronicle
Iranians react to new Trump travel ban as tensions are high between nations
TEHRAN, Iran (AP) — Iranians again face a U.S. travel ban imposed by President Donald Trump, with the decision drawing anger, frustration and some shrugs given the decades of tensions between the countries. Trump imposed a similar ban during his first term before withdrawing America unilaterally from Tehran's 2015 nuclear deal with world powers, under which Iran drastically limited its program in exchange for the lifting of economic sanctions. When he returned to the White House and began seeking a new deal with Iran, it saw the country's rial currency improve and stocks rise. But worries have grown as its government appears poised to reject an initial American proposal. The travel ban has further darkened that mood and led Iranians to fear Trump will lump the nation's 80 million people with its theocratic government even after he repeatedly praised them while seeking a deal. 'Now I understand that Trump is against all Iranians, and his attitude is not limited to the government,' said Asghar Nejati, a 31-year-old man working in a Tehran pharmacy. Even in the years after the 1979 Islamic Revolution and subsequent U.S. Embassy hostage crisis, Iranian students traveled to the U.S. to attend universities. Between 2018 and 2024, an average of around 10,000 Iranian students went to the U.S. annually. Estimates suggest some 1 million Iranian-origin people live in the U.S. today. Mehrnoush Alipour, a 37-year-old graphic designer, said the nations could have better relations if they could spoke to each other in softer tones. 'This is another foolish decision. Trump cannot reach his goals by imposing pressures on ordinary Iranians," she said. "The two nations can have better relations through openings, not restrictions.' Bank teller Mahdieh Naderi said Trump was lashing out over his frustrated efforts to reach ceasefires in the Israel-Hamas war and the Russia-Ukraine war. 'Trump just expressed his anger about his failed plans,' Naderi said. 'He is complaining about the Chinese and others who are living in the U.S., too Some said interest in the U.S. was already waning before the latest ban. 'Over the past years, two of my grandchildren went to Canada to continue their education there," said Mohammad Ali Niaraki, 75. "Iranians are not limited in immigration and they are not as interested to go to the U.S. as they were decades ago. Iranians prefer Canada, as well as neighboring countries with flourishing economies like the (United Arab) Emirates.' Others pointed out that high-ranking government officials have children living or working in the U.S., despite the tensions, and suggested that it would be fair to remove those as well. 'Those who have family members in the U.S, it's their right to go, but a bunch of bad people and terrorists and murderers want to go there as well,' he said. 'So his policy is correct. He's doing the right thing.'
