Galiano Gold: Q1 Earnings Snapshot
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Galiano Gold Inc. (GAU) on Wednesday reported a loss of $26.8 million in its first quarter.
The Vancouver, British Columbia-based company said it had a loss of 10 cents per share. Earnings, adjusted for non-recurring costs, were 1 cent per share.
The gold mining company posted revenue of $76.6 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 GAU at https://www.zacks.com/ap/GAU
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The Hill
9 minutes ago
- The Hill
Power bills in California have jumped nearly 50% in four years. Democrats think they have solutions
SACRAMENTO, Calif. (AP) — California lawmakers this week advanced several efforts aimed at reining in utility profits and slashing electricity bills as part of their agenda to tackle the sky-high costs of living. The proposals would make sweeping changes to how utilities fund expensive infrastructure projects like putting power lines underground to guard against wildfires. They also would add more oversight around wildfire mitigation spending and put new requirements on utility requests to increase rates. Supporters said the goal is to make the big investor-owned utilities start sharing some of the costs to fight wildfires and build new transmission infrastructure. 'This is not a set of modest tweaks that will make minor improvements at the edges of a problem without offending anyone,' said Democratic State Sen. Josh Becker, the bill's author. 'This is a big deal.' One of the bills is part of the state Senate's package to address affordability amid growing concern about the high costs of everything from gas to groceries. Democratic Gov. Gavin Newsom signed an executive order last year urging lawmakers to do something to address skyrocketing electricity rates, which rose 47% on average for residential customers between 2019 and 2023, according to the nonpartisan Legislative Analysts Office. But Republicans, who are in the minority in both chambers, say Democrats are not meaningfully addressing high prices. They did not support the energy reform bills, saying it wouldn't lower costs, and they unsuccessfully tried to force a vote on a proposal to limit utilities from raising power rates above the rate of inflation. Utility rate increases in recent years have been approved by state regulators in part to help investor-owned utilities bury power lines aimed at stopping wildfires. Some of the deadliest and most destructive fires in recent years have been sparked by power equipment. Pacific Gas & Electric, whose equipment sparked a 2018 wildfire that killed 85 people in 2024, raised its rates six times to help cover the costs of putting power lines underground and other improvement projects. While one in every five ratepayers can't pay their power bills, utilities like PG&E raked in record-breaking profits last year, according to The Utility Reform Network, a ratepayer advocacy group. The group supports Becker's measure and has sponsored a similar effort in the Assembly. 'There are no limits to how much the utilities can ask for in rate increases. There are no limits to how many times a year they can ask,' said Mark Toney, the group's executive director. 'You can't blame them for asking for the sky.' Under Becker's proposal, utilities would be required to use public financing to fund the first $15 billion spent on capital investment projects. The option would allow utilities to access funding with lower interest rates, and utilities also would be prohibited from collecting a return on that investment for shareholders. That would save customers $8.8 billion over the next 10 years, Becker said. The bill would also set up a state-backed fund to reimburse utilities for wildfire projects, among other things. But the state may not have money to pay for that this year. The bill would also increase oversight of utility budgets and their wildfire spending. Utilities would have to include at least one rate increase proposal that doesn't exceed the rate of inflation in their requests. The proposal also calls for $60 billion worth of credits to apply on bills over the years during the summer months when usage is often at its peak. Senate Democrats overwhelmingly advanced Becker's measure this week. But Republicans, utilities and the California Chamber of Commerce said it would only drive up more costs. The legislation 'moves today's utility costs around without eliminating them,' the chamber said in a letter in opposition. New regulations around rate increase and shareholder returns also could halt utilities' investment in preventing wildfires or enhancing the grid, the letter said. Republican State senators said rising power bills are caused by Democrats' policies and push for more electric vehicles and less reliance on fossil fuels. In the Assembly, meanwhile, Republicans have called for permitting reforms to make it faster and cheaper to build better utility infrastructure. 'The regulation regime that we have in this state is oppressive and definitely drives prices,' said Sen. Roger Niello, a Republican. 'Your package of affordability is rather modest in number, but it is even more modest in its potential impact.' Lawmakers also advanced a slew of other measures aiming to provide relief to ratepayers, including one that would prohibit utilities from using rates to pay for lobbying efforts and one that would allow California to join a regional energy market with other Western states to help increase grid reliability.
Yahoo
9 minutes ago
- Yahoo
Washington Bridge rebuild to cost up to $427M. Expect to drive on it by late 2028.
Rhode Island Department of Transportation Director Peter Alviti Jr. goes over the timeline to rebuild the westbound Washington Bridge at a State House press conference on Friday, June 6, 2025. At left is Gov. Dan McKee. At right is Walsh Construction Company Program Manager Charles Parish. (Photo by Christopher Shea/Rhode Island Current) The completion date and cost for a new westbound Washington Bridge is finally here. But it will take two more years and $59 million more than expected to resurrect a new thoroughfare connecting Providence and East Providence. Gov. Dan McKee unveiled the November 2028 target completion date and an up-to-$427 million contract cost at a State House press conference Friday. The long-awaited news comes nearly a year-and-a-half after state officials halted all traffic on the westbound highway after engineers discovered broken anchor rods that put the bridge spanning the Seekonk River at risk of collapse. State officials originally sought to rebuild the bridge by August 2026 at an estimated cost of $368 million. 'I understand that this has been a challenging time for those who rely on the Washington Bridge, especially in the early days before we were able to restore six lanes of traffic,' McKee said. 'We owe it to you to deliver a bridge that is safe and will ultimately make your lives easier.' Tasked with constructing the new bridge is Walsh Construction Company. The Chicago-based firm worked on the Pearl Harbor Memorial Bridge on Interstate 95 over the Quinnipiac River in New Haven, Connecticut, along with the Interstate 90 Westbound Innerbelt Bridge in Cleveland, Ohio. For this project, the firm will draw from its design of the Chain of Rocks Bridge in St. Louis, Walsh Program Manager Charles Parish told reporters. 'It's not often that you get to build the same project twice, or the same bridge twice,' Parish said. 'But our ability to do that on the new Washington Bridge gave us the confidence to commit to both the price and schedule that we're sure we can meet.' The state's plan calls for five lanes of travel over the new bridge, along with an onramp from Gano Street in Providence and a new offramp to Waterfront Drive in East Providence. The original bridge had four lanes. Construction is scheduled to begin next month, which overlaps with the ongoing demolition of the existing bridge. Demolition contractor Aetna Bridge Company is expected to complete its work by the end of 2025. During that time, Walsh will secure permitting, workers, and pre-fabricate material to rebuild the bridge, Parish said. Walsh will be paid at least $339 million to build the new bridge, with incentives and contingencies that could bring the total cost up to $427 million. The deal also has built-in daily penalties of $25,000 for exceeding the project deadline. With demolition and emergency repairs, the entire project adds up to $570 million, which is 'well within what we budget,' McKee said. McKee's administration has identified more than $713 million in financing available for the project over the last year. That includes $35 million in remaining pandemic relief aid, $107.6 million from the state's capital plan fund, and up to $334.6 million in Grant Anticipation Revenue Vehicles bonds, which allow the state to borrow against future allocations of federal transportation money. The state was also awarded nearly a pair of federal infrastructure grants worth roughly $221 million. The grants were temporarily frozen under President Donald Trump's initial flurry of executive orders, but released to Rhode Island in late March. However, Rhode Island Attorney General Peter Neronha, in a lawsuit filed with 19 other states in May, warned that funding could still be at risk due to a federal directive tying infrastructure grants to compliance with the Trump administration's diversity and immigration policies. McKee said he does not believe federal funds will be taken away from the project. 'We have the sign off from [Transportation] Secretary (Sean) Duffy,' the governor said Friday. Also unclear: how the new price tag will impact the state's budget. House Speaker K. Joseph Shekarchi said in a statement that legislative leaders will review the governor's announcement as they shape a final fiscal 2026 budget. 'As the bridge project moves forward, the House of Representatives will continue its work ensuring the administration is accountable,' Shekarchi said. Walsh was one of two finalists vying to rebuild the bridge after the state issued its latest bidding window last December. The other proposal came from a joint venture by American Bridge and MLJ, firms based respectively in Pennsylvania and New York. Rhode Island Director of Transportation Peter Alviti Jr. said both companies were qualified and made similar technical proposals. Walsh's proposal projected around $340 million in hard construction costs, while American Construction and MLJ's bid estimated nearly $387 million. Because it did not win the state's tentative contract, the losing bidder will receive a $1.75 million consolation prize for participating, as set out in the state's solicitation. It took two rounds of requests or proposals to yield any firm bids, a sore spot that McKee's critics continue to seize on, including his potential 2026 Democratic gubernatorial rival, Helena Buonanno Foulkes. 'Governor McKee's catastrophic failure to manage the Washington Bridge has impacted countless Rhode Island families and businesses, forcing them to endure longer commutes, lost wages, and economic hardship,' Foulkes said in a statement Friday. But McKee said he has no regrets. 'As far as I'm concerned we're in a good spot,' he said. 'The people in the state of Rhode Island know that the funding is there, the time schedule is there, and we have a quality bridge-builder to actually execute the project.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
9 minutes ago
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Hearing set June 12 in CARD Clinic seizure; sheriff's sale set for July 2
Jun. 6—A federal judge in Missoula will hear arguments next week dealing with BNSF's attempts to seize the assets of Libby's CARD Clinic. The hearing is scheduled for 9:30 a.m. Thursday, May 12, in the Russell Smith Federal Courthouse. Judge Dana L. Christensen will hear the case. Also, Lincoln County Sheriff Darren Short signed a notice Thursday, June 5, giving notice to a sheriff's sale July 2 to the highest bidder to satisfy the judgment for the plaintiff, BNSF, with interest and costs. While the date is subject to change pending an order from the court, the sale is currently set for 10 a.m. Wednesday, July 2. According to Montana code, the sheriff's office has 120 days from the day it received the writ to conduct the sale. The sale will include the real property as well as office equipment, furnishings, and other machinery, fixtures and equipment. For more information, contact the sheriff's office at 406-293-4112, ext. 1232. The non-profit clinic, which has served thousands of patients afflicted with asbestosis and other deadly ailments, has been closed since May 7 when the Lincoln County Sheriff's Office served a Writ of Execution on the Center for Asbestos Related Disease, Inc. to satisfy a $3.1 million judgment. A writ of execution is a court order directing a sheriff to seize and sell property to satisfy a judgment. The judgment stems from a lawsuit won in 2023 by Texas-based BNSF, owned by billionaire Warren Buffett, that accused the clinic of filing hundreds of fraudulent claims over several years. Federal jurors ruled two years ago that the clinic made or presented false claims 337 times, including 91 violations after November 2015. CARD filed for Chapter 11 bankruptcy in August 2023, allowing it to continue operations. But the United States intervened in the bankruptcy proceeding and determined that the judgment should not be paid, so the bankruptcy was settled and dismissed in spring 2024. In September 2024, CARD lost an appeal to a jury's 2023 judgment. In the meantime, CARD officials recently found another location to serve its patients. It is located at 118 West 3rd Street. It will be open the same hours as the clinic, 8 a.m. to 5 p.m. Monday through Wednesday. "We are still receiving grant money and we have a mission to fulfill so we're pleased we can still offer some services," McNew said. "Patients are welcome to stop in and we'll work to answer their questions." McNew said they are able to answer emails from patients and send test results to patients. She also hopes that they will be able to continue outreach education. Another hope is that the new location will have working phones next week. McNew said since the seizure of the clinic, BNSF has taken at least $100,000 from the clinic's operating account. In a May 9 court filing, Billings-based Assistant U.S. Attorneys Mark Smith and Lynsey Ross filed a motion in Lincoln County District Court to quash the court's writ on the CARD Clinic. In the motion, the attorneys said it contacted BNSF attorney Cole Anderson and requested the company withdraw the application. But the company declined and objected to the motion. "In 2023, a Montana jury found that the CARD clinic had submitted false asbestos claims costing taxpayers millions of dollars. The judge determined the amount of damages to be repaid, and the process for recovery is set by law," said Kendall Sloan, BNSF Director of External Communicatons. According to a declaration by CARD Executive Director Tracy McNew filed with the motion to quash, she reported that all CARD employees were compelled to vacate the clinic May 7 following the seizure and the sheriff's office replaced all of the locks. Thursday, May 8, following a request, certain CARD employees were allowed to enter the clinic to access the CARD Quickbooks accounting program. McNew said sheriff's office officers monitored CARD employees activities and once they were done using the accounting program, they left the office and haven't returned. In a May 20 filing in federal court in Missoula, CARD's attorney, James A. Patten of Patten, Peterman, Bekkedahl and Green, a Billings firm, sought to join the federal motion to quash the writ and sought a preliminary injunction and temporary restraining order. CARD argues that the railway's writ violates bankruptcy proceedings and applicable law. It is seeking the injunction and restraining order to prevent further harm upon CARD and the wrongful interference with the clinic due to its status as a federal grant recipient. In 2011, CARD was chosen by the U.S. Agency for Toxic Substances and Disease Registry for a four-year grant for a screening program for environmental health hazards, including asbestosis, pleural thickening and pleural plaques, caused by exposure to hazardous substances at Libby's Superfund sites. The federal grants continued with the most recent reward in September 2024. It will run through August 2029. The argument also includes the harm the clinic will suffer because it cannot screen patients, provide education, monitor diagnosed patients and provide follow up of testing results and respond to patient requests. In another declaration by McNew, she said the clinic had to cancel about 50 appointments per week since the May 7 closure. It also said the clinic's pulmonary function testing equipment, the only of its kind in Lincoln County, has sat unused as a result of BNSF's seizure. "CARD has on several occasions identified patients in need of emergency care and/or serious treatment for previously undiagnosed malignancies as part of our routine screenings," McNew wrote. BNSF replied to the clinic's filings in a 53-page document filed May 30 in federal court. Among its arguments, railway attorneys Knight Nicastro MacKay maintain because the federal government didn't intervene in the original lawsuit, it doesn't have a right to stop BNSF from recovering money from the judgment. "The Government begins by claiming that litigation in which the United States is a party is reserved to the officers of the Department of Justice, under the direction of the Attorney General, citing U.S. statute. But BNSF attorneys say federal attorneys left out a relevant portion of the statue which directly applies. It reads, "Except as otherwise authorized by law, the conduct of litigation in which the United States, an agency, or officer thereof is a party, or is interested, and securing evidence therefor, is reserved to officers of the Department of Justice, under the direction of the Attorney General." They also say because CARD has mixed its grant income with non-grant income that it must prove its bank accounts and property represent only grant money. During the 2023 trial, a number of donations from plaintiff attorneys were revealed. From 2012 to 2017, the clinic received $81,000 from attorneys and $30,000 for a mortality study. Dr. Brad Black, CARD's former medical director, testified to $116,000 in donations from Montana plaintiff attorneys. The list didn't include two $10,0000 donations from a national plaintiffs' law firm or a $24,381.94 donation for the clinic's new parking lot. BNSF also believes CARD has received its most significant non-grant income in the form of Medicare payments for treating its patients. "This is the equivalent of personal income for CARD and the amount of this income what property it was used to buy is still unknown to BNSF," the attorneys argued. Railway attorneys also said they do not intend to use grant funds to satisfy the judgment or ask to liquidate CARD assets pending the federal court's review of whether grant funds were mixed with non-grant funds to secure the assets. Gold miners discovered vermiculite in Libby in 1881. In the 1920s, the Zonolite Company formed and began mining the vermiculite. In 1963, W.R. Grace bought the Zonolite mining operations. The mine closed in 1990. In 2002, the Environmental Protection Agency placed the site on the Superfund program's National Priorities List and cleanup work continues to this day. Fibers from the asbestos tied to vermiculite mining that began in the 1920s can embed in lung tissue and cause fatal lung disease. No one knows how many people in the region have died from the effects of asbestosis, mesothelioma or other cancers linked to exposure to asbestos-containing vermiculite mined, processed and shipped from Lincoln County and Libby. BNSF's involvement relates to asbestos-contaminated vermiculite in the rail yard that a 2024 federal jury said was a considerable factor in the negligent deaths of former Libby residents Thomas Wells and Joyce Walder. Both Wells and Walder lived near the railyard and were both diagnosed with mesothelioma and died in 2020. Hundreds of people died and more than 3,000 were sickened from asbestos exposure in the Libby area, according to researchers and health officials. BNSF faces accusations of negligence and wrongful death for failing to control clouds of contaminated dust that used to swirl from the rail yard and settle across Libby's neighborhoods. The vermiculite was shipped by rail from Libby for use as insulation in homes and businesses across the U.S.
