Federal Compensation Agency Gets $55 Million So Far for COVID Vaccine Refusers
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Los Angeles Times
17 minutes ago
- Los Angeles Times
Pacific Retail Capital Partners, Lyon Living and Silverpeak Announce Acquisition and Redevelopment of Lakewood Center
Venture to Transform Southern California Property into a Vibrant Mixed-Use Destination Pacific Retail Capital Partners (PRCP), Lyon Living and Silverpeak have announced the acquisition of the two-million-square-foot Lakewood Center. This joint venture unites three industry leaders in retail, residential and investment expertise to reposition the iconic property into an innovative, mixed-use community hub. Located in the heart of Lakewood – a diverse, family-oriented community – the center will be reimagined through the development of a comprehensive master plan, transforming the property into a walkable destination that blends legacy retail with new residential, wellness, entertainment and green spaces. 'Lakewood Center is more than a shopping destination. It's a landmark of postwar American development, a cornerstone of the Lakewood community and a symbol of how retail can evolve alongside the people it serves,' said Steve Plenge, CEO of Pacific Retail Capital Partners. 'Since opening in 1950, the property has adapted to the cultural, economic and demographic shifts of Southeast Los Angeles, emerging as one of the most highly trafficked malls in the country and consistently generating over $1 billion in annual sales. Its legacy is woven into the daily lives of generations of families, workers and entrepreneurs. As we look ahead, our vision is to honor that heritage while transforming Lakewood Center into a next-generation mixed-use destination, one that meets the needs of a thriving, diverse community and continues to anchor regional vitality for decades to come.' The partners will be commencing the master planning process and will prioritize collaboration with local stakeholders and city officials to ensure the project reflects community values and aspirations. Known for its expertise in creating vibrant living environments, Lyon Living will lead the integration of modern residential and lifestyle components into the redevelopment. 'We're excited to join PRCP and Silverpeak in delivering a destination that will thrive in Lakewood for generations to come,' said Frank T. Suryan Jr., chairman & CEO of Lyon Living. Silverpeak, a leading real estate investment firm, will provide strategic vision and capital to ensure the project's long-term success. At nearly 150 acres, Lakewood Center is the second-largest, single-level enclosed mall in Los Angeles County. It draws over 22 million annual visitors, ranking third in California and sixth nationwide for traffic. Anchored by retailers including Costco, Target, Macy's and Best Buy, the center serves as the region's leading sales tax generator and a major local employer. 'The Lakewood Center has been at the heart of our community since before the city's incorporation in 1954, and the City and the Center have both evolved and weathered the many twists and turns of time together,' read a statement from the city of Lakewood. 'As we work with the new owners on a master planning process for the Center, this is undeniably an exciting new chapter in Lakewood history. We have great confidence the partners will re-establish Lakewood Center as a cornerstone of retail, dining and community connections and look forward to fresh ideas and amenities that will serve residents and visitors for generations to come.' The redevelopment will introduce elevated retail and dining, integrated residential living, wellness amenities, dynamic green spaces and unique entertainment – all thoughtfully woven into a pedestrian-friendly environment. Further details on the Lakewood Center master plan, including timeline and design features, will be shared as development progresses. Information sourced from Businesswire. To learn more, contact prcp@
Business Wire
17 minutes ago
- Business Wire
AM Best Affirms Credit Ratings of Saudi Arabian Insurance Company B.S.C. (c)
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Saudi Arabian Insurance Company B.S.C. (c) (Damana) (Bahrain). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Damana's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings also factor in the neutral impact from Damana's ultimate parent, Mawarid Holding Company. Damana's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the very strong level as at year-end 2023, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best expects BCAR scores to have recovered substantially to the strongest level in 2024, and year-to-date 2025, following the disposal of a large equity holding. Damana's investment portfolio is now largely conservative and consists mostly of cash and deposits. An offsetting factor to the assessment is the company's reliance on reinsurance for high-value risks, which is a common trait in the region; however, credit risk is minimised by a panel of sound credit quality. Damana's operating performance is assessed as marginal. The company has struggled with negative underwriting results for several years due to high expenses arising from its operating model and substantially reduced business scale. Loss ratios have also been affected by material events, such as the COVID-19 pandemic and the 2024 Dubai floods. Year-on-year improvements in the expense ratio have led to reductions in combined ratios from their peak of 148% in 2021, though underwriting operations remain unprofitable. Over the medium term and as the business continues to grow into its expense base, underwriting results are expected to trend towards profitability. Investment returns supplement performance, with Damana generating solid returns from its conservatively invested portfolio. Damana has seen business volumes steadily increase year-on-year since it suffered a reduction of revenues in 2021, following regulatory restrictions imposed by the Central Bank of Bahrain on the company's operations within that country. AM Best expects this trend in revenue growth to continue into the next few years, supported by Damana's renewed focus on new lines of business beyond its core lines of motor and medical. This strategy does expose Damana to execution risk given the challenging and competitive conditions in its core markets of Bahrain, the United Arab Emirates, Oman and Kuwait. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Yahoo
17 minutes ago
- Yahoo
Avis Budget double-downgraded: 'Fundamentals don't support valuation'
-- Bank of America cut its rating for Avis Budget (NASDAQ:CAR) Group to Underperform from Buy in a note on Wednesday, warning that the company's fundamentals and industry backdrop do not justify its current share price. 'We think that CAR fundamentals and the macro environment don't support the current stock price, which significantly outperformed the market in June,' BofA analysts wrote in a note to clients. The firm lowered its price target to $113 for the stock, down from $120. BofA flagged 'pricing and demand pressures in the U.S. which negatively affects CAR's earnings power in 2H25/2026.' The analysts said a survey the bank conducted shows fewer consumers plan to increase travel spending in the next three months compared to 2024. 'This should translate into a soft pricing environment,' BofA wrote, adding that tariffs could further weaken demand in the second half. The bank acknowledged recent initiatives such as Avis First, aimed at the premium segment, and a fleet management partnership with Waymo. 'We see these developments as positives, and they speak to the fact that CAR is a strong operator. However, we don't expect these initiatives to have a significant effect on earnings in the near term,' the analysts said. Vehicle depreciation remains a swing factor. 'Although this is a potential tailwind, we believe that the effect may not be as large as thought,' BofA said, noting the current environment differs from the Covid period. The bank cut its 2025 and 2026 EBITDA estimates to $0.9 billion and $1.03 billion, respectively, and lowered its valuation multiple. 'We cut our PO to $113 from $120, valued on 7.5x EV/EBITDA 2026,' the analysts wrote Related articles Avis Budget double-downgraded: 'Fundamentals don't support valuation' If Powell goes, does Fed trust go with him? 7 Undervalued Stocks on the Rise With 50%+ Upside Potential
