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PLDT: Q1 Earnings Snapshot

PLDT: Q1 Earnings Snapshot

Yahoo16-05-2025

MAKATI, Philippines (AP) — MAKATI, Philippines (AP) — Philippine Long Distance Telephone Co. (PHI) on Thursday reported profit of $155.7 million in its first quarter.
On a per-share basis, the Makati, Philippines-based company said it had net income of 72 cents. Earnings, adjusted for non-recurring gains, were 71 cents per share.
The telecommunications company posted revenue of $953.9 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 PHI at https://www.zacks.com/ap/PHI

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Elon Musk's business empire was built on government help. How badly could Donald Trump hurt him?
Elon Musk's business empire was built on government help. How badly could Donald Trump hurt him?

Yahoo

time30 minutes ago

  • Yahoo

Elon Musk's business empire was built on government help. How badly could Donald Trump hurt him?

Even for Elon Musk, this is — to use the precise technical term — bonkers. Barely one week after leaving the Trump administration with every semblance of amity, the world's richest person is going scorched earth against the leader of the world's richest nation. Insults and threats. Calls for impeachment. Sinister references to Jeffrey Epstein. Somehow, Kanye West is also involved. It's like the messiest online influencer drama you've ever seen, except the parties are two of the most powerful people on Earth. But when it comes down to brass tacks, what exactly does Musk stand to lose in this titanic celebrity divorce? If Trump were to follow through on all his threats, and use every available weapon against Musk's business empire, how badly could it hurt him? The short answer is: pretty badly. In fact, with some admittedly quick and dirty math, we can put a price tag on some of it. Elon Musk's estimated $388bn fortune — already $26.6bn smaller than it was before this frank exchange of thermonuclear warheads — depends on the success of two companies which are both intertwined with the U.S. political system. One is Tesla, which makes electric vehicles; the other is SpaceX, which builds rockets, spacecraft, and satellites. X, formerly Twitter, can be left aside for now; having bought the social network 2022 for $44bn, Musk is still struggling to recoup his investment and has almost certainly lost money overall. Let's start with Space Exploration Technologies Corp., aka SpaceX. Not many people can afford to rent a rocket, so a lot of its business comes from government contracts, and U.S. government contracts most of all. As of writing, according to federal data, the Texas-based company has been paid or promised just under $21bn by Uncle Sam since 2008. The total potential value of all SpaceX's existing contracts, however, is much higher: $89.2bn. If Trump cancelled every contract tomorrow, that would mean a theoretical maximum of $68bn in lost potential income. For context, that's more than four times SpaceX's entire forecasted revenue for 2025, and nearly 15 times its revenue from 2022. Of course, there's no way to know if those maximum payments would ever actually have been made. So we could also get a rough sense of what SpaceX stands to lose by looking at the actual cash it received from federal coffers every year. In 2022 that was $2.8bn; in 2023, $3.1bn; and in 2024, $3.8bn. On the plus side for Musk, the U.S. government is so dependent on SpaceX that some critics have called it a monopoly in the making. SpaceX ferries our astronauts to and from the International Space Station, is heavily involved in Nasa's moon landing program, and manages an increasing share of government satellite communications as well. Still, that does not guarantee safety. Would you really, in all soberness, bet against Donald Trump doing something that hurts the country merely to punish his personal enemies? In fact, as Talking Points Memo editor-in-chief Josh Marshall argues, SpaceX's critical role might actually put it in greater danger, because it leaves the feds with few options except "expropriation or nationalization". Like SpaceX, Tesla has benefited greatly from taxpayer money, mostly in the form of emission trading payments from non-electric carmakers and tax credits or consumers buying electric vehicles. An analysis by The Washington Post put Tesla's total income from emission credits since 2007 at $11.4bn as of this February. Its gain from tax credits, which allow more people to buy its cars at higher prices, has been estimated at $3.4bn. Those emission credit schemes are run by U.S. states, not by the federal government. 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Michaels completes acquisition of Joann's intellectual property and fan-favorite labels
Michaels completes acquisition of Joann's intellectual property and fan-favorite labels

Hamilton Spectator

time35 minutes ago

  • Hamilton Spectator

Michaels completes acquisition of Joann's intellectual property and fan-favorite labels

NEW YORK (AP) — Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. 'We're honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,' Michaels CEO David Boone said in a statement. The deal, he added, allows the company to better 'respond to rising demand' among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. With roots dating back to a single Ohio storefront in 1943 , Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to 'acquire substantially all of Joann's assets' and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of 'Big Twist' yarns, which had become a staple in Joann stores over the years. Those 'Big Twist' labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.

Kimberly-Clark, Suzano form $3.4B tissue joint venture
Kimberly-Clark, Suzano form $3.4B tissue joint venture

Yahoo

time40 minutes ago

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Kimberly-Clark, Suzano form $3.4B tissue joint venture

This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. Kleenex tissue maker Kimberly-Clark and pulp producer Suzano are forming a $3.4 billion global consumer and professional tissue joint venture in an effort to bolster their long-term growth strategies, the companies announced Thursday. Suzano has agreed to pay the tissue manufacturer $1.7 billion to acquire 51% of the new entity, which will be based in the Netherlands. The deal includes 9,000 employees and 22 manufacturing facilities across Europe, Asia, the Middle East, South and Central America, Africa and Oceania. Kimberly-Clark will own the remaining 49% and retain its consumer and professional entities in the United States, as well as existing joint ventures in Mexico, South Korea and Bahrain, among other countries. The transaction is expected to close in mid-2026. The joint venture is part of Kimberly-Clark's long-term growth strategy introduced last year, Chairman and CEO Mike Hsu said in a statement. The plan aims to save the company more than $3 billion through improved productivity and accelerate the growth of its brands and businesses, particularly its North America and international personal care segments. More than 40 of Kimberly-Clark's regional brands under its international family care and professional portfolio will be transferred into the joint venture. Additionally, Suzano plans to enter a long-term license with the new company for the use of global brands, including Kleenex, Scott, Cottonelle, WypAll, Viva and Kimberly-Clark Professional, the Brazil-based pulp producer said in its press release. The deal follows Suzano's acquisition of Kimberly-Clark's Brazilian tissue assets and brands in 2023, the paper maker said in its release. The pending transaction aligns with Suzano's long-term cost-effective and growth strategy that's focused on scalable businesses where it can strengthen its operational efficiency. Once the deal closes, approximately two-thirds of Kimberly-Clark's net revenues will come from its personal care categories, progressing its long-term growth, profitability and returns on investment, according to the tissue maker's press release. The joint venture is expected to reduce Kimberly-Clark's exposure to volatile input costs, improving the company's ability to deliver expected and deliverable margins and profitability over time. Kimberly-Clark anticipates $300 million in additional costs from tariffs this year, Hsu said in his remarks during an April earnings call. The majority of products sold in the U.S. are sourced and domestically produced, Kimberly-Clark CFO Nelson Urdaneta said in the earnings call. In terms of raw materials and finished goods, the company's exposure to China, Mexico and Canada was around or less than 10% of its total cost of goods. 'If we factor in all of our raw materials and finished goods imports for our US business, 80% of our total costs in the U.S. are U.S.-based, so only 20% of our U.S. costs are exposed to tariffs,' Urdaneta said. The volatile tariff backdrop is affecting Kimberly-Clark on three fronts. The 145% duty on China drives about two-thirds of the $300 million, Urdaneta said. The U.S.'s reciprocal tariffs account for 10% and retaliatory tariffs from other countries represent 25% of the impact costs, he added. The company is working fast to mitigate the costs, Urdaneta said. Still, he added that Kimberly-Clark is in a much better position to handle many of these headwinds. 'You can't solve that overnight because we're having to reaccommodate some of the elements of our supply chain, and we intend to already be able to address about a third of the impact this year,' Urdaneta said. 'Now it'll take us through 2026 to pretty much be able to address the whole element in a consistent manner based on what's been enacted today.' The joint venture is one of many actions Kimberly-Clark has taken to make progress on its strategy and alleviate tariff costs. Last month, the Scott paper towel maker announced plans to invest more than $2 billion over the next five years in its North America segment, expanding its U.S. manufacturing capacity and modernizing its supply chain. Recommended Reading Kimberly-Clark to invest over $2B in US operations

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