Another gold rush could bring open pit mines to South Dakota's Black Hills
Now, a new crop of miners driven by gold prices at more than $3,000 an ounce are seeking to return to the treasured landscape, promising an economic boost while raising fears of how modern gold extraction could forever change the region.
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Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Maryland's first-in-the-nation tax on digital ads violated Big Tech's free speech, judges say
ANNAPOLIS, Md. (AP) — Maryland's first-in-the-nation tax on digital advertising violated the Constitution, a federal appeals court says, because blocking Big Tech from telling customers about the tax violates the companies' right to free speech. Supporters say Maryland needed to overhaul its tax methods in response to significant changes in how businesses advertise. The tax focuses on large companies that make money advertising on the internet such as Meta, Google and Amazon, who say they're being unfairly targeted. The ongoing legal fight is being watched by other states that are considering taxes for online ads. Maryland estimated the tax could raise about $250 million a year to help pay for a sweeping K-12 education measure. Maryland's law says the companies must not only pay the tax, but avoid telling customers how it affects pricing, with no line items, surcharges or fees, said the appeals court Friday in siding with trade associations fighting the tax. Judge Julius Richardson cited the Colonial-era Stamp Act, which helped spark the Revolutionary War, and wrote that 'criticizing the government — for taxes or anything else — is important discourse in a democratic society.' The plaintiffs contended Maryland lawmakers were trying to insulate themselves from criticism and political accountability by forbidding companies from explaining the tax to their customers. 'A state cannot duck criticism by silencing those affected by its tax,' the judge wrote. The unanimous ruling by the 4th U.S. Circuit Court of Appeals reverses a decision by U.S. District Judge Lydia Kay Griggsby and sends the case back to her with instructions to consider an appropriate remedy in light of the panel's decision. Trade groups praised the decision. 'Maryland tried to prevent criticism of its tax scheme, and the Fourth Circuit recognized that tactic for what it was: censorship,' said Paul Taske, co-director of the NetChoice Litigation Center, said in a statement. The law imposes a tax based on global annual gross revenues for companies that make more than $100 million globally. Under the law, the tax rate is 2.5% for businesses making more than $100 million in global gross annual revenue; 5% for companies making $1 billion or more; 7.5% for companies making $5 billion or more and 10% for companies making $15 billion or more. The law has been challenged in multiple legal venues, including Maryland Tax Court, where the case is ongoing. The Maryland General Assembly, which is controlled by Democrats, overrode a veto of the legislation in 2021 by then-Gov. Larry Hogan, a Republican.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Conservative network Newsmax agrees to pay $67M in defamation case over 2020 election claims
DENVER (AP) — The conservative network Newsmax will pay $67 million to settle a lawsuit accusing it of defaming a voting equipment company by spreading lies about President Donald Trump's 2020 election loss, according to documents filed Monday. The settlement comes after Fox News Channel paid $787.5 million to settle a similar lawsuit in 2023 and Newsmax paid what court papers describe as $40 million to settle a libel lawsuit from a different voting machine manufacturer, Smartmatic, which also was a target of pro-Trump conspiracy theories on the network. Delaware Superior Court Judge Eric Davis ruled earlier that Newsmax did indeed defame Denver-based Dominion Voting Systems by airing false information about the company and its equipment. But Davis left it to a jury to eventually decide whether that was done with malice, and, if so, how much Dominion deserved from Newsmax in damages. Newsmax and Dominion reached the settlement before the trial could take place. The settlement was disclosed by Newsmax on Monday in a new filing with the U.S. Securities and Exchange Commission. It said the deal was reached Friday. Monday Mornings The latest local business news and a lookahead to the coming week. The disclosure came as Trump vowed in a social media post Monday to eliminate mail-in ballots and voting machines such as those supplied by Dominion and other companies. It was unclear how the Republican president could achieve that. Trump lost his 2020 reelection bid to Democrat Joe Biden.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Soho House agrees to go private again in a deal led by hotel giant MCR
NEW YORK (AP) — After a shaky four years on Wall Street, Soho House is ready to go private again. The luxury members club operator has struck a deal with an investor group led by hotel giant MCR, which will buy its outstanding shares for $9 each in cash. Soho House's Executive Chairman Ron Burkle and other big shareholders will roll over their stakes and retain control of the business, per a Monday announcement from the company. The take-private offer implies a total enterprise value of roughly $2.7 billion for Soho House, including debt. The company says it expects to complete the deal by the end of 2025, pending the regulatory greenlight and other closing conditions. If approved, the transaction means Soho House will stop trading on the New York Stock Exchange. Shares of Soho House climbed more than 15% by mid-morning Monday, following news of Soho House signing the agreement. Among other big names to join Soho House's future leadership is actor and now tech investor Ashton Kutcher, who is set to join the company's board following the deal's completion. Tyler Morse, CEO of New York-based MCR, will also join the board as Vice Chairman. In a statement, Morse said that MCR had 'long admired' Soho House and that its investment in the company 'represents a strategic opportunity to combine our operational expertise with one of the most distinctive brands in hospitality.' Monday Mornings The latest local business news and a lookahead to the coming week. Soho House CEO Andrew Carnie pointed to the club's growth over the years, and said that returning to private ownership will help the company 'build on this momentum.' Soho House's roots date back to 1995, starting with a single club in London opened by founder Nick Jones. But today, the company's footprint includes 46 Soho House locations worldwide, in addition to a handful of coworking spaces, beach clubs and digital platforms. Soho House describes itself as a 'global membership platform of physical and digital spaces.' It bills its flagship clubs — which include spas, gyms and other luxury amenities — as a 'home for creative people to come together and belong.' Known for attracting celebrities and other figures with deep pockets, membership fees often rack up to at least several thousand dollars a year. Soho House had more than 270,000 total members as of the end of June. And the company has reported an uptick in revenue during recent quarters. In earnings announced earlier this month, Soho House said had a total of it raked in $329.8 million in total revenues for its second fiscal quarter, an 8.9% jump year-over-year. Despite recent growth, the company's stock has tumbled during its time on the public market. Since Soho House began trading in 2021, its stock has fallen roughly 30%, trading at under $9 a share on Monday. That's down from $14 a share that the company debuted in its July 2021 initial public offering.
