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CTV News
an hour ago
- CTV News
U.S. Justice Department to move forward on investigation into Trump-Russia probe
WASHINGTON — U.S. Attorney General Pam Bondi has directed that the U.S. Justice Department move forward with a probe into the origins of the Trump-Russia investigation following the recent release of documents aimed at undermining the legitimacy of the inquiry that established that Moscow interfered on the Republican's behalf in the 2016 U.S. presidential election. Bondi has directed a prosecutor to present evidence to a grand jury after referrals from the Trump administration's top intelligence official, a person familiar with the matter said Monday. That person was not authorized to discuss it by name and spoke on condition of anonymity to The Associated Press. Fox News first reported the development. It was not clear which former officials might be the target of any grand jury activity, where the grand jury that might ultimately hear evidence will be located or which prosecutors — whether career employees or political appointees — might be involved in pursuing the investigation. It was also not clear what precise claims of misconduct Trump administration officials believe could form the basis of criminal charges, which a grand jury would have to sign off on for an indictment to be issued. The development is likely to heighten concerns that the Justice Department is being used to achieve political ends, given longstanding grievances over the Russia investigation voiced by U.S. President Donald Trump, who has called for the jailing of perceived political adversaries. Any criminal investigation would revisit one of the most dissected chapters of modern American political history. It is also surfacing at a time when the Trump administration is being buffeted by criticism over its handling of documents from the Jeffrey Epstein sex trafficking investigation. The investigation into Russian election interference resulted in the appointment of a special counsel, Robert Mueller, who secured multiple convictions against Trump aides and allies but did not establish proof of a criminal conspiracy between Moscow and the Trump campaign. The inquiry shadowed much of Trump's first term and he has long focused his ire on senior officials from the intelligence and law enforcement community, including former FBI Director James Comey, whom he fired in May 2017, and former CIA Director John Brennan. The Justice Department appeared to confirm an investigation into both men in an unusual statement last month but offered no details. Multiple special counsels, congressional committees and the Justice Department's own inspector general have studied and documented a multi-pronged effort by Russia to interfere in the 2016 presidential election on Trump's behalf, including through a hack-and-leak dump of Democratic emails and a covert social media operation aimed at sowing discord and swaying public opinion. But that conclusion has been aggressively challenged in recent weeks as Trump's director of national intelligence and other allies have released previously classified records that they hope will cast doubt on the extent of Russian interference and establish an Obama administration effort to falsely link Trump to Russia. In one batch of documents released last month, Tulsi Gabbard, the director of national intelligence, disclosed emails showing that senior Obama administration officials were aware in 2016 that Russians had not hacked state election systems to manipulate the votes in Trump's favor. But former U.S. president Barack Obama's administration never alleged that votes were tampered with and instead detailed other forms of election interference and foreign influence. A new outcry surfaced last week when Sen. Chuck Grassley, the Republican chairman of the Senate Judiciary Committee, released a set of documents that FBI Director Kash Patel claimed on social media proved that the 'Clinton campaign plotted to frame President Trump and fabricate the Russia collusion hoax.' The documents were part of a classified annex of a report issued in 2023 by John Durham, the special counsel who was appointed during the first Trump administration to hunt for any government misconduct during the Russia investigation. Durham did identify significant flaws in the investigation but uncovered no bombshells to disprove the existence of Russian election interference. His sprawling probe produced three criminal cases; two resulted in acquittals and the third was a guilty plea from a little-known FBI lawyer to a charge of making a false statement. Republicans seized on a July 27, 2016, email in Durham's newly declassified annex that purported to say that Hillary Clinton, then the Democratic candidate for president, had approved a plan during the heat of the campaign to link Trump with Russia. But the purported author of the email, a senior official at a philanthropic organization founded by billionaire investor George Soros, told Durham's team he had never sent the email and the alleged recipient said she never called receiving it. Durham's own report took pain to note that investigators had not corroborated the communications as authentic and said the best assessment was that the message was 'a composites of several emails' the Russians had obtained from hacking — raising the likelihood of Russian disinformation. The FBI's Russia investigation was opened on July 31, 2016, following a tip that a Trump campaign adviser, George Papadopoulos, had told a Russian diplomat that Russia was in possession of dirt on Clinton. Eric Tucker And Alanna Durkin Richer, The Associated Press
Globe and Mail
an hour ago
- Globe and Mail
SBAC Earnings Jump on Strong Sales
Key Points Revenue (GAAP) reached $698.98 million, surpassing the analyst estimate by 4.1% (GAAP), driven by robust domestic leasing and higher site development activity. Adjusted Funds From Operations (AFFO) per share was $3.17 (non-GAAP), though down 3.6% year over year due to higher interest expenses. Full-year 2025 guidance for revenue, AFFO (non-GAAP), and Adjusted EBITDA (non-GAAP) was raised on strong backlogs and the early Millicom site acquisition closing. These 10 stocks could mint the next wave of millionaires › SBA Communications (NASDAQ:SBAC), a leading owner and operator of wireless communications towers, announced results for the second quarter on August 4, 2025. GAAP revenue was $698.98 million, above the expected $671.15 million (GAAP) and up 5.8% year over year. Diluted earnings per share (GAAP) were $2.09, above the $2.13 consensus (Non-GAAP) EPS estimate, but net income jumped 41.5% year over year. Adjusted Funds From Operations (AFFO) per share came in at $3.17, though declining from the prior year. Management raised financial guidance for full year 2025 across all key metrics, reflecting strong domestic demand, accelerated site acquisitions, and favorable leasing trends. The quarter showed solid progress in several business lines, despite margin pressures and increased interest costs. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS – Diluted (GAAP) $2.09 $2.13 $1.51 38.5 % Revenue $698.98 million $671.15 million $660.48 million 5.8% Adjusted EBITDA $475.5 million $467.1 million 1.8% AFFO per Share $3.17 $3.29 (3.6 %) Tower Cash Flow $511.2 million $503.9 million 1.4 % Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. Understanding SBA Communications and Its Business Model SBA Communications owns, operates, and leases wireless tower infrastructure to mobile carriers and other wireless service providers. Its primary business is renting antenna space on its towers, a model that delivers stable, recurring revenue. Site leasing generates most of its operating profit, while the company also provides site development services, such as construction and network upgrades, to wireless carriers. In recent years, SBA Communications has focused on three major areas: expanding its international tower footprint, maximizing tower capacity by increasing colocation (multiple tenants per tower), and securing long-term control of the land under its towers. The company also closely follows wireless technology trends, like the rollout of 5G networks, as these drive demand for more tower space and additional equipment installations. Quarter Highlights: Growth Drivers and Strategic Moves In Q2 2025, site leasing remained the core of SBA Communications' business, accounting for 97.4% of segment operating profit. Domestic site leasing revenue grew to $469.8 million, up 1.4% from a year ago. International site leasing revenue was $162.0 million, a slight decrease on a reported (GAAP) basis, but up 4.0% when adjusting for foreign currency movements. The tower cash flow margin, a key indicator of profitability for tower operations, held steady at 81.0% (non-GAAP). The services segment, which includes site development, saw rapid growth as revenue nearly doubled to $67.2 million. This surge reflects increased carrier investment in network upgrades and new infrastructure. However, these projects have lower margins compared with core site leasing -- the spike in services revenue contributed to an overall decline in company-wide Adjusted EBITDA margin compared to Q2 2024. The company accelerated the integration of more than 4,300 newly acquired sites from the Millicom deal several months ahead of schedule. This brought the total tower count up to 44,065 as of June 30, 2025. It also advanced plans to sell its Canadian tower assets, entering into an agreement on July 21, 2025 to sell all 369 towers and related operations in Canada, with the transaction expected to close in Q4 2025, expecting this divestiture to be immediately beneficial to AFFO per share after closing, as stated by management in the earnings release. These actions demonstrate a strategy of growing internationally while exiting less efficient markets to focus on higher-return regions. Capital allocation remained active, with 799,000 shares repurchased and $1.45 billion authorized for future buybacks. Quarterly dividends held steady at $1.11 per share. The company maintained a high level of debt, with a net debt to adjusted EBITDA ratio of 6.5x, and net cash interest expense rose 23.2% year over year from Q2 2024 to $111.5 million. Management emphasized that the balance sheet remains strong. Strategic Business Areas and Their Impact Site leasing continues to dominate company profits, supported by the recurring nature of tower rental agreements with wireless carriers. This stability is underpinned by long-term contracts. SBA Communications closely monitors lease churn and seeks to add new tenants through strategic marketing and infrastructure upgrades. International expansion is a core strategy. While most new towers come from acquisition -- as with the Millicom deal -- the company also constructs new sites in regions where wireless networks are maturing. Diversifying across 13 countries insulates SBA Communications from market-specific risks and taps into growing demand for wireless infrastructure in developing regions. Maximizing tower capacity is another focus. By increasing the average number of tenants per tower, SBA Communications boosts revenue from existing assets with limited additional cost. About 75% of new U.S. leasing activity in Q1 2025 derived from colocations, which generate higher incremental revenue than simple contract amendments. Often prompted by requirements to meet 5G coverage mandates. The company also invests in long-term land control through ownership and long-term leases. This provides operational security, cost predictability, and margin protection well into the future. About 72% of tower sites are on land with over 20 years of control remaining as of December 31, 2024, and the company reported ongoing spending to extend lease terms where possible. Looking Ahead: Guidance and Market Trends Management raised its full-year 2025 financial outlook, expecting total revenue (GAAP) to reach $2.78–2.83 billion, AFFO per share (non-GAAP) of $12.65–13.02, and adjusted EBITDA of $1.91–1.93 billion. These increases reflect strong current leasing backlogs, robust site development, early benefits from the Millicom site acquisition, and positive foreign currency effects. The Canadian asset sale, which is still pending, is not yet included in the outlook. But overall commentary remains constructive for continued growth in the U.S. Key risks highlighted this period include margin pressures, flat-to-slow international organic growth due to carrier churn in markets like Brazil, and persistently high debt levels that heighten interest expenses. Nonetheless, strong domestic leasing demand, expanding service backlogs, and high levels of tower colocation suggest ongoing near-term growth. SBA Communications does pay a dividend, and the current quarterly dividend remains at $1.11 per share. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,019%* — a market-crushing outperformance compared to 178% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of August 4, 2025
CBC
an hour ago
- CBC
Ontario-made alcohol gets largest tax cut in decades
Ontario's new alcohol tax cut, which is intended to support local producers, took effect last week. The province says the move will make the industry more competitive amid U.S. tariffs and growing economic pressures.
