Latest news with #Empower
Yahoo
a day ago
- Business
- Yahoo
Tariff deal relief may be distracting investors from one key thing
Investors have greeted President Trump's recent tariff deals with a relative shrug. Many are relieved that the deals are leading to lower-than-feared tariffs. But Empower chief investment strategist Marta Norton notes that relief may be causing investors to lose sight of one key thing — the effective tariff rate is still going to be higher than it had been. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. Well, you know, there's been so much, I guess, psychological elements to what we've seen for trade over the course of 2025. First thinking it was largely negotiating tools, and then we have liberation day, which suggested, you know, really a trade war more than anything else. And now we're starting to see some of that uncertainty fade, and we're starting to see trade deals. And as we compare what these trade deals look like to the rates that we saw on liberation day, I think a lot of folks feel some sort of sigh of relief that we're not looking at the levels that were proposed in April. But I think that's a bit of a distraction from the reality that we had an effective tariff rate of 2 and a half percent at the start of the year. And now we're looking at an effective tariff rate that's somewhere around 15% or maybe north of that. And of course, companies are creative, they're nimble, they've been able to front load inventory, they've been able to push on suppliers, but ultimately at some point, as these, you know, there's more certainty around what the effective tariff rate is going to look like, we're going to start to see how that actually impacts corporate earnings. And I don't know if that's necessarily a Q2 thing as much as it is in later quarters as as things develop. And and Mara, I know bottom line, you say you feel kind of uneasy here with these markets. Is it is it just the risk there that you're highlighting, or would there be other reasons too, would valuation, for example, be another one? Yeah, valuation to me is the larger concern. I I think that the tariff problem is something that companies are going to have to shoulder. But of course, there is also good news that is out there, whether that's the AI theme, or whether that's the 100% expensing that developed in the wake of the one big beautiful bill act. So there are some positives. It just seems like the market has really cued off the positives and looked through or ignored a lot of the negatives. So when we're looking at valuations across sectors, both for broad markets and then within individual sectors, they're really at, at least in our estimation, those higher extremes. And it's when things are extreme that valuations really start to matter in terms of perspective three-year returns. Related Videos The market is like a 'paddling duck' right now, strategist says AI and biotech take on brain cancer UBS Profit Beats Estimates as Ermotti Sees Brighter Outlook UBS CEO Ermotti on Earnings, Capital Requirements, Trade Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
a day ago
- Business
- Axios
Money anxiety is basically a part-time job now
Americans now spend nearly four hours a day thinking about money, the equivalent of a part-time job, per a new Empower study. Why it matters: Financial anxiety could be fueling recent pressure on consumer spending. If the negative economic vibes continue to drive less spending, that could weigh on the economy and the stock market. What they're saying: "People check their money like they're checking the weather," said Rebecca Rickert, head of communications and consumer insights at Empower. By the numbers: Top money worries center on everyday expenses. 57% of Americans cited bills, 51% pointed to inflation, and 34% are stressed about housing. Debt (30%), tariffs (28%) and retirement savings (24%) round out the list. The inclusion of tariffs among financial concerns mirrors recent polling indicating that voters are increasingly anti-tariff. Between the lines: Types of money worries vary across age, with younger generations worrying about housing costs, job security and debt, while older people are more concerned about stock market performance, retirement savings and emergency funds. The split shows financial stress tracks with life stages — older Americans are focused on preserving wealth, while younger ones are still trying to build it. Zoom in: What would ease financial anxiety? A higher income (47%) tops the list of stress relievers, followed by lower living expenses (45%) and a stronger economy (29%). Zoom out: One silver lining? The anxiety may be leading to better financial decisions. Nearly half of Americans say this anxiety is motivating them to shift from passive worries to proactive behaviors, Rickert said. 40% of millennials proactively work to improve their finances when these thoughts arise. 1 in 4 adjusts their spending habits monthly due to financial concerns, mostly by dining out less or buying fewer non-essentials. Yes, but: Sentiment, or vibes, about finances that are detailed in surveys do not always directly align with consumer behavior. Card spending was up across the board this quarter, according to bank earnings, which didn't point to broad evidence of consumers saving by dining out less. The bottom line: Consumers may say they're saving money by eating at home more, for example — but that could be a "microchoice," like one extra dinner at home per month, Rickert said.
Zawya
2 days ago
- Business
- Zawya
Empower unit wins key pipes supply contract from Kuwait
Empower Insulated Pipe Systems (ELIPS), a fully-owned subsidiary of Emirates Central Cooling Systems Corporation (Empower), has secured a key contract to supply insulated pipes for the Ali Al-Sabah Military Academy project at Al Zahra in Kuwait. The contract covers pipe sizes ranging from 25 mm to 800 mm, with a total network length of 19km. According to ELIPS, the deliveries are scheduled to begin during the fourth quarter of 2025, signalling the commencement of the project's infrastructure implementation phase. The new project, it stated, adds to the company's growing portfolio in Kuwait, which includes notable developments such as Kuwait University in Khaldiya, the industrial and storage zones in Sabah Al Ahmad City, and commercial facilities in Jaber Al Ahmad Residential City. ELIPS has produced and supplied more than 880km of insulated pipe systems over the past 16 years, with a notable 40% increase in production in the last five years. Supervised by Dar Al Khaleej Engineering Consulting and implemented by Hydrotech Engineering, the Ali Al-Sabah Military Academy project reflects Kuwait's commitment to adopting sustainable solutions that reduce carbon emissions, lower electricity consumption, and conserve natural resources. District cooling systems play a key role in this strategy, offering high efficiency and performance suited to the country's extreme climate conditions. On the contract win, ELIPS Chairman Ahmad bin Shafar said: "We are proud to be a part of the Ali Al Sabah Military Academy project led by the Kuwait Ministry of Defence. Through the supply of highly efficient, world-class insulated pipes, we aim to support the project's sustainability goals in line with the highest international standards." "This reflects Kuwait's vision for carbon neutrality and reinforces ELIPS' reputation for delivering quality, efficiency, and reliability," he stated. Bin Shafar said the group continues to implement its expansion strategy by strengthening ELIPS' presence in new markets in the region and driving sustainable growth that benefits its stakeholders. "Our manufacturing operations are highly sustainable that contributing to the reduction of carbon emissions, reflecting our firm commitment to environmental protection and resource conservation. By leveraging innovation, advanced technologies, and cutting-edge solutions, we aim to help build a sustainable, green future," he added. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arabian Business
23-07-2025
- Business
- Arabian Business
Empower begins to cool to the first phase of Al Habtoor Tower
Emirates Central Cooling Systems Corporation (Empower) has commenced supplying its district cooling services to the first phase of the Al Habtoor Tower project, a mega residential development spanning 3.52 million square feet. Empower said all phases of the district cooling connection to the project, located in Al Habtoor City, right off Dubai's arterial Sheikh Zayed Road, are scheduled for completion by the end of 2027. The project will require a total cooling capacity of 7,200 refrigeration tons (RT), equivalent to nearly 75 per cent of the peak cooling demand of the Burj Khalifa. Empower cools Al Habtoor Tower Empower is servicing Al Habtoor Tower through its Business Bay district cooling project, utilising advanced systems designed to maximise energy efficiency and minimise carbon emissions. The distribution network for the project has been engineered in line with leading environmental standards. Ahmad bin Shafar, CEO of Empower, commented: 'We take pride in our partnership with Al Habtoor Group to deliver our industry-leading services to the Al Habtoor Tower. This collaboration stands as a testament to the confidence in Empower's expertise and capabilities in supporting landmark developments that shape the emirate's urban landscape. 'The scale and diversity of Empower's portfolio reflect our steadfast commitment to delivering the highest standards of quality and reliability to customers across all sectors. We remain committed to delivering sustainable cooling solutions that align with Dubai's rapid urban and population growth, and support its environmental objectives.' Al Habtoor Tower stands out as one of the most iconic urban developments in Empower's portfolio. Rising at 350 meters, the tower comprises 87 floors and 1,701 residential units, complemented by a range of luxury amenities. It is expected to house up to 5,000 residents. Empower provides environmentally friendly district cooling services to all projects of Al Habtoor City, including a collection of luxury international hotels and mixed-use residential towers.
Winnipeg Free Press
22-07-2025
- Business
- Winnipeg Free Press
Career in transition, eye on opportunity
In the executive suite, a special greeter helms the reception desk — a reversible plush octopus. It's smiling: it's a Friday in July, sunlight is cascading through the windows, it's inside a Winnipeg-headquartered company that oversees more than $3 trillion in total client assets. And, from the outgoing leader's perspective, Great-West Lifeco is poised to grow further. Paul Mahon is eyeing retirement — both his own and the sector in general, as a growth 'opportunity' for the mammoth financial services company. Acquiring more retirement-focused firms is likely in Great-West Lifeco's future, said Mahon, 61. Acquisitions aren't new to him — he's overseen plenty during his 39-year career with the business. He officially left his role as president and chief executive on Canada Day. However, he's still in his office overlooking Osborne Street, steps away from the friendly stuffed animal. Mahon will keep commuting to work until early 2026. He's advising his replacement, David Harney, on how to steer the international company and its many subsidiaries. He sat down to reflect in a wide-ranging interview with the Free Press. 'It's been a really good transition,' said Mahon, who started with Great-West Lifeco in 1986. When he became president in 2013, the company had $582 billion in consolidated assets under administration. It had just announced its $1.75 billion purchase of Irish Life, an Ireland-based life insurance, pension and investment provider. Canada Life — the country's first life insurance company — and London Life were already under Great-West Lifeco's umbrella. It had 20,000 staff and at least 12 million Canadian customers. The parent company now counts more than 40 million customers globally. It employs some 32,000 people, including 13,000 Canadians. Manitobans account for 3,600 staffers, making Great-West Lifeco one of the province's biggest employers. 'You grow organically by winning more customers every day out in the marketplace.'— Paul Mahon Mahon attributes the growth, in part, to 'competitive' offerings and services. 'You grow organically by winning more customers every day out in the marketplace,' he said. Acquisitions have also ballooned the numbers. Over the past five years, Great-West Lifeco has shifted its gaze into the United States, acquiring companies as it's built out its retirement arm. The corporation's U.S. retirement subsidiary — called Empower — is a result of at least three major acquisitions, including the 2014 takeover of J.P. Morgan's retirement business. Great-West Lifeco has offered retirement options in the U.S. since the 1980s, but an acceleration came around 2019. 'We saw there was both that organic growth opportunity (and) that consolidation opportunity,' Mahon recalled. Empower now has more than 19 million clients, Mahon said. Older adults outnumber children in 11 states, the U.S. Census Bureau shared in June. 'I think we'll continue to see Empower grow,' Mahon stated. 'There's opportunities for further acquisition there.' Empower customers have self-service technology; it makes the brand more attractive to subscale firms open to being purchased, per Mahon. Great-West Lifeco sold Putnam Investments, an investment management firm in the U.S., partly to focus on its retirement portfolio. It took a stake in Franklin Resources, the company who bought Putnam. Meanwhile, Great-West Lifeco has been expanding its wealth management side. Canada Life acquired the Investment Planning Counsel from IGM Financial in April 2023, and Value Partners, a wealth planning firm, two months later. A 2024 survey by JLL, a global real estate and investment management company, found 16 per cent of wealth management firms expected to be acquired or to leave the market by 2027. For Great-West Lifeco, there's a chance for growth, Mahon said. 'The balance of our businesses are really important businesses to us,' he said, highlighting group benefits like health and dental coverage. 'We'll continue to invest in that.' He expressed confidence in Harney, whom he's passing the reins to. Harney, an actuary by trade, started with Irish Life more than 35 years ago. The new CEO wasn't available for an interview by print deadline. 'I'm personally energized by the opportunity,' Harney said in a news release. Great-West Lifeco shifts as the world changes, Mahon noted. Climate risks affect insurance claims — in 2025's first quarter, Great-West Lifeco had a California wildfires-related claims provision of $21 million. 'We want to make sure that we're investing in companies that will thrive 10, 20, 30 years into the future,' Mahon said. Artificial intelligence use is already being implemented, he added. Management attended a Great-West Lifeco event where employees showcased their AI usage science fair-style. Harney studied artificial intelligence before it exploded in the public zeitgeist, Mahon said. 'I think AI will be a tool to make us more efficient and more effective,' he added. 'But I think it has to be balanced with those … personal relationships.' 'We want to make sure that we're investing in companies that will thrive 10, 20, 30 years into the future.'– Paul Mahon Such relationships are key in call centres and service roles, Mahon said. 'You (might) need less people doing one thing,' he said. 'At the same time, you're going to need more technology experts. 'When a company is large and growing, it creates opportunities.' Great-West Lifeco has grown at an 'unprecedented' level in the insurance industry, said Bram Strain, the Business Council of Manitoba's president. Canada Life is a council member; Mahon sits on the entity's board. Monday Mornings The latest local business news and a lookahead to the coming week. 'I'm not worried about Canada Life at all,' Strain said, adding plenty of senior management reside in Winnipeg. Mahon has been a 'stalwart' in the community, Strain continued: 'I'm excited for what comes next.' Mahon and his wife Anne, a former University of Manitoba chancellor, are preparing to chair United Way Winnipeg's campaign next year. The new retiree said he also plans to help tackle the issue of homelessness. And more family time is in the cards — he's been working at Great-West Lifeco since his U of M graduation, preceded by a St. Paul's High School convocation. Gabrielle PichéReporter Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle. 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