Medifast: Q2 Earnings Snapshot
The Baltimore-based company said it had profit of 22 cents per share. Earnings, adjusted for investment gains, were 4 cents per share.
The weight-loss company posted revenue of $105.6 million in the period.
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San Francisco Chronicle
8 minutes ago
- San Francisco Chronicle
Australia selects Japan's Mitsubishi Heavy Industries for $6.5B warship deal
WELLINGTON, New Zealand (AP) — Australia said Tuesday it accepted a Japanese company's bid for a lucrative and hotly contested contract to build Australian warships, expected to be worth 10 billion Australian dollars ($6.5 billion). Mitsubishi Heavy Industries' Mogami-class frigate won the deal over rival Germany's MEKO A-200 from Thyssenkrupp Marine Systems. Japan's government lobbied heavily for the deal after missing out on Australia's submarines contract to a French company in 2016. 'This is clearly the biggest defense industry agreement that will ever have been struck between Japan and Australia,' Defense Minister Richard Marles told reporters when he announced the deal Tuesday. 'In fact, it's really one of the biggest defense exports that Japan has ever engaged in.' The fleet of 11 naval vessels will replace Australia's ageing fleet of ANZAC-class ships. Three of the frigates will be built in Japan, with the first scheduled to be operational Australia in 2030, and the remaining eight due for construction in Australia. Australian news outlets reported that the German company's bid had emphasized their vessel's cheaper price and their greater experience building ships abroad. But Pat Conroy, Australia's Minister for Defense Industry, said the Mogami-class frigate was a 'clear winner' when assessed by 'cost, capability and meeting our schedule of delivery.' The vessels have a range of up to 10,000 nautical miles (18,520 kilometers) and 32 vertical launch cells capable of launching long-range missiles. The frigates can operate with a crew of 90, compared to the 170 needed to operate the ANZAC-class ships. Mitsubishi's win was a boon for Japan's defense industry, which has not built naval vessels abroad before. Japan, whose only treaty ally is the United States, considers Australia a semi-ally and has increasingly sought to deepen bilateral military cooperation amid ongoing regional tensions in the disputed South China Sea. 'We welcome the decision by the Australian government as a major step to further elevate Japan's national security cooperation with Australia, which is our special strategic partner,' Japan's Defense Minister Gen Nakatani said Tuesday. Nakatani said co-developing the frigate will allow the two countries to train and operate with the same equipment and further improve operability and efficiency. Japan set up a joint taskforce of government and industry in an effort to win the bid. Australian officials said work on a binding commercial contract with Mitsubishi Heavy Industries and the government of Japan would now begin, with a finalized agreement expected in 2026. They did not say how much each ship would cost or confirm a total figure for the package, citing ongoing negotiations. But Conroy said the government had allowed AU$10 billion for the project over the next 10 years. It forms part of the AU$55 billion that Australia has budgeted for the navy's entire surface combatant fleet during the same period. —-
Business Insider
9 minutes ago
- Business Insider
Lyft is getting into the robotaxi game with a big Chinese company
Baidu and Lyft are joining forces to deploy Apollo Go robotaxis in European cities. Lyft is planning for thousands of robotaxis in Europe, starting in the UK and Germany by 2026. This comes as the robotaxi race is heating up globally. Lyft is teaming up with Chinese tech giant Baidu to bring its robotaxis to European streets. The San Francisco-based ride-hailing company will deploy Baidu's sixth-generation Apollo Go self-driving robotaxis in Europe starting next year, it said in a Monday press release. According to the release, Lyft will bring thousands of vehicles from Baidu across Europe in the following years. It said it would start with the United Kingdom and Germany in 2026, following regulatory approvals. "By integrating Baidu's cutting-edge autonomous driving technology with Lyft's platform reach and operational expertise, we're excited to deliver safer, greener, and more efficient mobility solutions to more users," Robin Li, Baidu's CEO and cofounder, said in the release. Lyft CEO David Risher added in the release that the partnership will bring the benefits of autonomous vehicles, such as safety, reliability, and privacy, to "millions of Europeans." Baidu, a Chinese internet search engine giant, launched its Apollo Go electric autonomous vehicles in 2020. According to its website, Apollo Go provides autonomous ride-hailing services in 11 Chinese cities. And earlier this year, Apollo Go announced it would expand its robotaxis to Dubai and Abu Dhabi in 2026. According to a July 2024 report by the Chinese state-affiliated news outlet Global Times, a 10-kilometre Apollo Go ride in Wuhan city costs between 4 and 16 Chinese yuan, or $0.60 to $2.20. On July 31, Lyft announced its acquisition of Freenow, a ride-hailing service operating in nine European countries, in a move to expand into the European market. robotaxi dominance. On July 31, Musk wrote on X that riders could hail a Tesla in the San Francisco Bay Area and Austin. However, a July report from HSBC analysts found that it could take years for driverless taxis to become profitable, and the market was "widely overestimated."
Yahoo
33 minutes ago
- Yahoo
In rejecting the jobs report, Trump follows his own playbook of discrediting unfavorable data
WASHINGTON (AP) — When the coronavirus surged during President Donald Trump's first term, he called for a simple fix: Limit the amount of testing so the deadly outbreak looked less severe. When he lost the 2020 election, he had a ready-made reason: The vote count was fraudulent. And on Friday, when the July jobs report revisions showed a distressed economy, Donald Trump had an answer: He fired the official in charge of the data and called the report of a sharp slowdown in hiring 'phony.' Trump has a go-to playbook if the numbers reveal uncomfortable realities, and that's to discredit or conceal the figures and to attack the messenger — all of which can hurt the president's efforts to convince the world that America is getting stronger. 'Our democratic system and the strength of our private economy depend on the honest flow of information about our economy, our government and our society,' said Douglas Elmendorf, a Harvard University professor who was formerly director of the Congressional Budget Office. 'The Trump administration is trying to suppress honest analysis.' The president's strategy carries significant risks for his own administration and a broader economy that depends on politics-free data. His denouncements threaten to lower trust in government and erode public accountability, and any manipulation of federal data could result in policy choices made on faulty numbers, causing larger problems for both the president and the country. The White House disputes any claims that Trump wants to hide numbers that undermine his preferred narratives. It emphasized that Goldman Sachs found that the two-month revisions on the jobs report were the largest since 1968, outside of a recession, and that should be a source of concern regarding the integrity of the data. Trump's aides say their fundamental focus is ensuring that any data gives an accurate view of reality. Not the first time Trump has sought to play with numbers Trump has a long history of dismissing data when it reflects poorly on him and extolling or even fabricating more favorable numbers, a pattern that includes his net worth, his family business, election results and government figures: — Judge Arthur Engoron ruled in a lawsuit brought by the state of New York that Trump and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans. — Trump has claimed that the 2016 and 2020 presidential elections were each rigged. Trump won the 2016 presidential election by clinching the Electoral College, but he lost the popular vote to Hillary Clinton, a sore spot that led him to falsely claim that millions of immigrants living in the country illegally had cast ballots. He lost the 2020 election to Joe Biden but falsely claimed he had won it, despite multiple lawsuits failing to prove his case. — In 2019, as Hurricane Dorian neared the East Coast, Trump warned Alabama that the storm was coming its way. Forecasters pushed back, saying Alabama was not at risk. Trump later displayed a map in the Oval Office that had been altered with a black Sharpie — his signature pen — to include Alabama in the potential path of the storm. — Trump's administration has stopped posting reports on climate change, canceled studies on vaccine access and removed data on gender identity from government sites. — As pandemic deaths mounted, Trump suggested that there should be less testing. 'When you do testing to that extent, you're going to find more people,' Trump said at a June 2020 rally in Oklahoma. 'You're going to find more cases. So I said to my people, 'Slow the testing down, please.'' While Trump's actions have drawn outcry from economists, scientists and public interest groups, Elmendorf noted that Trump's actions regarding economic data could be tempered by Congress, which could put limits on Trump by whom he chooses to lead federal agencies, for example. 'Outside observers can only do so much," Elmendorf said. 'The power to push back against the president rests with the Congress. They have not exercised that power, but they could.' White House says having its own people in place will make data 'more reliable' Kevin Hassett, director of the White House National Economic Council, took aim at the size of the downward revisions in the jobs report (a combined 258,000 reduction in May and June) to suggest that the report had credibility issues. He said Trump is focused on getting dependable numbers, despite the president linking the issue to politics by claiming the revisions were meant to make Republicans look bad. 'The president wants his own people there so that when we see the numbers, they're more transparent and more reliable,' Hassett said Sunday on NBC News. Jed Kolko, a senior fellow at the Peterson Institute for International Economics who oversaw the Census Bureau and Bureau of Economic Analysis during the Biden administration, stressed that revisions to the jobs data are standard. That's because the numbers are published monthly, but not all surveys used are returned quickly enough to be in the initial publishing of the jobs report. 'Revisions solve the tension between timeliness and accuracy,' Kolko said. 'We want timely data because policymakers and businesses and investors need to make decisions with the best data that's available, but we also want accuracy.' Kolko stressed the importance in ensuring that federal statistics are trustworthy not just for government policymakers but for the companies trying to gauge the overall direction of the economy when making hiring and investment choices. 'Businesses are less likely to make investments if they can't trust data about how the economy is doing,' he said. Not every part of the jobs report was deemed suspect by the Trump administration. Before Trump ordered the firing of the Bureau of Labor Statistics commissioner, Erika McEntarfer, the White House rapid response social media account reposted a statement by Vice President JD Vance noting that native-born citizens were getting jobs and immigrants were not, drawing from data in the household tables in the jobs report. Labor Secretary Lori Chavez-DeRemer also trumpeted the findings on native-born citizens, noting on Fox Business Network's 'Varney & Co.' that they are accounting "for all of the job growth, and that's key.' During his first run for the presidency, Trump criticized the economic data as being fake only to fully embrace the positive numbers shortly after he first entered the White House in 2017. White House says transparency is a value The challenge of reliable data goes beyond economic figures to basic information on climate change and scientific research. In July, taxpayer-funded reports on the problems climate change is creating for America and its population disappeared from government websites. The White House initially said NASA would post the reports in compliance with a 1990 law, but the agency later said it would not because any legal obligations were already met by having reports submitted to Congress. The White House maintains that it has operated with complete openness, posting a picture of Trump on Monday on social media with the caption, 'The Most Transparent President in History.' In the picture, Trump had his back to the camera and was covered in shadows, visibly blocking out most of the light in front of him. ___ Associated Press writer Michelle Price in Washington contributed to this report.
