Republic Services posts quarterly revenue below estimates
Shares of the company fell 1.5% in extended trading.
The Phoenix, Arizona-based company is one of the two publicly traded companies, along with Waste Management (WM.N), opens new tab, that provide garbage collection and disposal services across the U.S.
The company's total revenue for the second quarter came at $4.23 billion, compared with analyst expectations of $4.26 billion, according to data compiled by LSEG.
Republic Services saw weak demand for its waste collection and treatment services, with volume growth up just 0.2%.
Recycled commodity prices at its recycling centers fell by $24 per ton to $149 per ton, the company said.
The company, however, posted an adjusted profit of $1.77 per share for the quarter ended June 30, ahead of the analysts' average expectation of $1.75 per share.
The company also said it expects full-year revenue in the range of $16.67 billion to $16.75 billion. Analysts, on average, expected $16.87 billion.
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The Guardian
an hour ago
- The Guardian
Ninety laptops, millions of dollars: US woman jailed over North Korea remote-work scam
In March 2020, about the time the Covid pandemic started, Christina Chapman, a woman who lived in Arizona and Minnesota, received a message on LinkedIn asking her to 'be the US face' of a company and help overseas IT workers gain remote employment. As working from home became the norm for many people, Chapman was able to find jobs for the foreign workers at hundreds of US companies, including some in the Fortune 500, such as Nike; 'a premier Silicon Valley technology company'; and one of the 'most recognizable media and entertainment companies in the world'. The employers thought they were hiring US citizens. They were actually people in North Korea. Chapman was participating in the North Korean government's scheme to deploy thousands of 'highly skilled IT workers' by stealing identities to make it look like they were in the US or other countries. They have collected millions of dollars to boost the government's nuclear weapons development, according to the US justice department and court records. Chapman's bizarre story – which culminated in an eight-year prison sentence – is a curious mix of geopolitics, international crime and one woman's tragic tale of isolation and working from home in a gig-dominated economy where increasingly everything happens through a computer screen and it is harder to tell fact from fiction. The secret North Korean workers, according to the federal government and cybersecurity experts, not only help the US's adversary – a dictatorship which has been hobbled by international sanctions over its weapons program – but also harm US citizens by stealing their identities and potentially hurt domestic companies by 'enabling malicious cyber intrusions' into their networks. 'Once Covid hit and everybody really went virtual, a lot of the tech jobs never went back to the office,' said Benjamin Racenberg, a senior intelligence manager at Nisos, a cybersecurity firm. 'Companies quickly realized: I can get good talent from anywhere. North Koreans and other employment fraudsters have realized that they can trick hiring systems to get jobs. I don't think that we have done enough as a community to prevent this.' To run the schemes, the North Koreans need facilitators in the United States, because the companies 'aren't going to willingly send laptops to North Korea or even China', said Adam Meyers, head of counter-adversary operations for CrowdStrike, a cybersecurity firm. 'They find somebody that is also looking for a gig-economy job, and they say, 'Hey, we are happy to get you $200 per laptop that you manage,'' said Meyers, whose team has published reports on the North Korean operation. Chapman grew up in an abusive home and drifted 'between low-paying jobs and unstable housing', according to documents submitted by her attorneys. In 2020, she was also taking care of her mother, who had been diagnosed with renal cancer. About six months after the LinkedIn message, Chapman started running what law enforcement officials describe as 'laptop farms'. In addition to hosting computers, she helped the North Koreans pose as US citizens by validating stolen identity information; sent some laptops abroad; logged into the computers so that the foreign workers could connect remotely; and received paychecks and transferred the money to the workers, according to court documents. Meanwhile, the North Koreans created fictitious personas and online profiles to match the job requirements for remote IT worker positions. They often got the jobs through staffing agencies. In one case, a 'top-five five national television network and media company' headquartered in New York hired one of the North Koreans as a video-streaming engineer. The person posing as 'Daniel B' asked Chapman to join a Microsoft Teams meeting with the employer so that the co-conspirator could also join. The indictment does not list victims' full names. 'I just typed in the name Daniel,' Chapman told the person in North Korea, according to court records of an online conversation. 'If they ask WHY you are using two devices, just say the microphone on your laptop doesn't work right.' 'OK,' the foreign actor responded. 'Most IT people are fine with that explanation,' Chapman replied. Chapman was aware that her actions were illegal. 'I hope you guys can find other people to do your physical I-9s. These are federal documents. I will SEND them for you, but have someone else do the paperwork. I can go to FEDERAL PRISON for falsifying federal documents,' Chapman wrote to a group of her co-conspirators. Chapman was also active on social media. In a video posted in June 2023, she talked about having breakfast on the go because she was so busy, and her clients were 'going crazy!', Wired reported. Behind Chapman were racks with at least a dozen open laptops with sticky notes. In October 2023, federal investigators raided her home and found 90 laptops. In February this year, she pleaded guilty to conspiracy to commit wire fraud, aggravated identity theft and conspiracy to launder monetary instruments. Over the three years that Chapman worked with the North Koreans, some of the employees received hundreds of thousands of dollars from a single company. In total, the scheme generated $17m for Chapman and the North Korean government. The fraudsters also stole the identities of 68 people, who then also had false tax liabilities, according to the justice department. In a letter to the court before her sentencing, Chapman thanked the FBI for arresting her because she had been 'trying to get away from the guys that I was working with for awhile [sic] and I wasn't really sure how to do it'. 'The area where we lived didn't provide for a lot of job opportunities that fit what I needed,' Chapman wrote. 'To the people who were harmed, I send my sincerest apologies. I am not someone who seeks to harm anyone, so knowing that I was a part of a company that set out to harm people is devastating to me.' Last week, US district court judge Randolph Moss sentenced Chapman to more than eight years in prison; to forfeit $284,000 that was to be paid to the North Koreans, and to pay a fine of $176,000. Chapman and her co-conspirators were not the only ones conducting such fraud. In January, the federal government also charged two people in North Korea, a Mexican citizen and two US citizens for a scheme that helped North Korean IT workers land jobs with at least 64 US companies and generated at least $866,000 in revenue, according to the justice department. Racenberg, of Nisos, said he expected cybercriminals to use artificial intelligence to 'get better and better' at performing such schemes. Companies should conduct 'open-source research' on applicants because oftentimes the fraudsters reuse résumé content, Racenberg said. 'If you put the first few lines of the résumé in, you might find two, three other résumés online that are exactly the same with these very similar companies or similar dates,' Racenberg added. 'That should raise some flags.' During an interview, if there is background noise that sounds like a call center or if the applicant refuses to remove a fake or blurred background, that could also be cause for concern, Meyers, of CrowdStrike, said. And companies should ask new hires to visit the office to pick up their laptop rather than mail it to them because that allows the company to see if the person who shows up is the same one you interviewed, Racenberg said. Five years after the pandemic, more companies have also started to require employees to return to the office at least part time. If all corporations did that, would it eliminate the threat? 'It's going to prevent all of this from happening, yes,' Racenberg said. 'But are we going to go back to that? Probably not.'
The Herald Scotland
3 hours ago
- The Herald Scotland
The estate that could solve Scotland's problem with trees
The forests offer much needed shade in Greece and also allow a variety of species an environment where they can thrive. Here in Scotland it may feel like there are trees everywhere, but the exact opposite is true as it is one of the least forested countries on the planet. Just drive a small distance outside of the main population centres and you will be met with miles upon miles of bleak nothingness, apart from areas that are farmland. It comes as tree planting is seen as a key tranche in achieving net zero and with a projected housebuilding timber shortage on the horizon. But Scotland's forestry industry is facing a funding black hole of £24 million and national planting targets will not be met now for at least two years. A massive budget cut has knocked the forestry industry's confidence, potentially stalling planting projects and leading to trees being destroyed. Confor, the Confederation of Forest Industries representative body, signalled a wave of concern along the supply chain from tree nurseries to sawmills and wood-panel manufacturers. Scotland has consistently failed to meet its tree planting targets, aiming to plant amounts rising from 15,000 hectares, or 30 million trees, to now 18,000 ha each year, but the industry has faced harsh funding cuts. Rural Scots are right - maybe it is time to halt onshore windfarms Trump is right for once, it is time to drill, baby drill in the North Sea It is high time that irresponsible campervan users are taxed off the NC500 We're going to need a smaller boat: The large ferry dilemma for CalMac A 41% budget cut in 2023 was only partially restored last year by around 18% to £45m. Edinburgh-based Confor said a further £24m is needed for the target mathematics to work, but that low confidence is likely to impact new projects being brought forward. However, a 10,000-acre estate in the Highlands is a great example of what can be achieved with the proper ambition. Dundreggan rewilding centre in Glenmoriston has just been awarded special European status recognising its genetic diversity of tree species. Parts of the juniper and silver birch woodland at Trees for Life's site have been classed as Gene Conservation Units. A spokesperson for the conservation charity said the 'unusually wet location' of juniper and the 'extreme westerly location' of silver birch have helped make the tree populations unique. The classification has been awarded by the European Forest Genetic Resources Network (EUFORGEN) which is managed in the UK by nature agency Forest Research. The estate uses a 'dynamic conservation' technique to protect the trees' genetic diversity. The land is encouraged to regenerate naturally within its specific environment and weather conditions. Juniper is a slow-growing evergreen shrub or small tree, with small blue-green needles and berries that ripen to a dark, blue-purple colour. The species support biodiversity by providing shelter and food for wildlife. Juniper berries are also used to produce gin. Silver birch is a fast-growing species which spreads over open ground. The tree's roots draw up nutrients, and its leaves add richness to soil. The Gene Conservation Unit status means Dundreggan's juniper and silver birch will be monitored to ensure their survival and natural regeneration. The estate covers 10,000 acres and has so many rare species living within it that environmentalists have described it as a 'lost world'. Conservation charity Trees for Life bought the site for £1.65million which remains one of the UK's largest ever areas of land bought for forest regeneration. The former hunting estate was already home to ancient forest fragments, including outstanding areas of juniper and dwarf birch. The charity has since planted half a million trees at the site, ensuring natural regeneration of woodlands and encouraging the return of rare wildlife, plants and insects. A rare non-biting midge and several other species have since been discovered after surveys of the estate. In total, more than 3,300 species have now been recorded at the charity's forest restoration site with at least 68 of these are priority species for conservation. These include unusual species such as the strawberry spider with several never having been recorded in the UK before, or were feared extinct in Scotland. While it is relatively small in the grand scheme of things, it should be an inspiration for other land owners when it comes to rewilding land and planting forests. Scotland needs more native trees and it is baffling why such a large proportion of the country is entirely treeless. The timber industry is worth around £1billion a year to the economy but even commercial plantations barely scratch the surface of what is required. It is all well and good for ministers to set tree planting targets, but without proper funding these will never be met. Ministers should see what has been done elsewhere and replicate it at pace.
Scottish Sun
3 hours ago
- Scottish Sun
Major UK retail chain to DEMOLISH ‘ghost town' store after collapsing into administration
The store is one of five commercial properties due to be knocked down TORN APART Major UK retail chain to DEMOLISH 'ghost town' store after collapsing into administration Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR UK retail chain is poised to knock down a 'ghost town' branch after the firm fell into administration. The Wilko store located on Kirkgate in Wakefield, West Yorkshire, is earmarked for demolition so the southern entrance to the city centre can be redeveloped. Sign up for Scottish Sun newsletter Sign up 2 The Wilko store on Kirkgate in Wakefiled has been earmarked for demolition Credit: Local Democracy Reporting Service The outlet shut its doors in 2023 after the high street chain of homestores went into administration. It is one of five commercial properties in the area that are due to be knocked down. They will be replaced with new homes and business units as part of a wider scheme by the local council to regenerate the area. Mini Market, Mattress and Divan Centre, Sweet Sensations and Hi Sushi are the other retail outlet set to be flattened as part of the plans. Wakefield Council was given nearly £25million worth of funding for the scheme from the government's Towns Fund in 2019. The work was approved following a planning proposal which had been submitted by the council but a planning officer's report said a further application would have to be submitted before the site could be redeveloped. Lower Kirkgate is a key route to get to the waterfront and is considered a major gateway to the city centre. The council had previously called the area a 'blight' on the city, according to the Local Democracy Reporting Service. It is also hoped that the redevelopment will encourage 'younger professionals' to live in the city centre and "bring year-round day and evening vibrancy" to the area, according to the council. Wilko closed its doors for good in 2023 after nearly a century in business, with more than 400 stores shutting and 12,000 staff affected. Visiting the new Wilko Store The news comes after the homeware giant Wayfair slashed its UK workforce by more than half in just two years, as it grapples with tumbling sales and a sharp drop in profit. The US-based furniture retailer, which operates across Britain, cut staff numbers from 847 in 2022 to just 405 by the end of 2024, according to fresh filings with Companies House. Wilko isn't the only retailer feeling the pinch on the high street. Furniture favourite collapsed into administration in 2022 after failing to find a buyer, leading to hundreds of job losses. Habitat also shut down all standalone stores in 2021, moving exclusively online after years of underperformance. Even major players have been forced to adapt. Argos has continued to reduce its physical footprint, shutting dozens of standalone shops and moving into parent company Sainsbury's stores to save costs. Retail experts say changing consumer habits, rising costs and weaker demand are continuing to batter the home and furniture sector. Many shoppers have tightened their belts amid soaring bills and higher interest rates, with big-ticket items like sofas and beds often the first to be cut from household budgets. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
