Latest news with #OpenAccess
Telegraph
4 days ago
- Business
- Telegraph
We don't need to nationalise our railways to fix them
One of the new Labour Government's first acts was to hand a big wedge of taxpayer cash to already well-paid train drivers, along with a promise of more as rolling rail renationalisation steadily tightens its grip over the next few years. But it hasn't worked. Train strikes have carried on regardless, and now The Telegraph reports there are calls for even more taxpayer subsidies too. It's a grim comment on how bad our railways have become that going back to the 1970s now seems like a good idea. It doesn't have to be this way. There's a proven alternative that passengers are already using, and which they prefer to the big and increasingly state-run monopoly services which let them down so often. Open Access operators like Lumo, Grand Central and Hull Trains are hugely popular and successful because they're cheaper, more reliable and have happier staff with fewer strikes than their government-mandated rivals. The same is true for rail freight too, which has thrived and prospered under an entirely Open Access regime for years. Rather than renationalising, we should boost Open Access services by allowing them to take on more and more of the timetable, and to add new services as well. The state monopolies would be left running a steadily-shrinking rump of services which Open Access providers hadn't yet replaced with something passengers liked better. Even loss-making services could be covered if Open Access firms bid to run them for a lower subsidy than before. This new approach would transform Britain's railways. Rival rail firms would compete for passengers on each route, offering a variety of different prices, quality and styles of service. This would be driven by the knowledge their customers could switch to a rival's service at any time if it was better. The new world would be more resilient too, because when things went wrong with one provider's services other firms would keep operating. And it would be more future-proof with fewer quangos and less red tape as well, because firms could launch new services quickly, at their own risk, without having to wait and see if officials or politicians would approve. Most fundamentally, it would turn Network Rail from a loss-making, subsidy-hungry public bureaucracy into an efficient, commercially-successful and valuable business, because they'd earn their living from rail firms paying a fair price to use the tracks. Suddenly, Network Rail staff would have strong incentives to boost revenues by using safer new technologies to run more services than today, and to cut bloated costs so they could maintain, improve and expand the network far more efficiently in the future as well. Last but certainly not least: the Chancellor of the Exchequer would like it too. Rail subsidies have mushroomed since the pandemic, creating major headaches for a Labour Government that's facing mounting tax and spending pressures almost everywhere they look, with a particularly vicious public spending settlement due in the next few weeks. But switching to Open Access would cut subsidies for the first time in years, creating much-needed headroom in the Treasury's figures. In spite of all this, Labour won't do it. Partly because they're ideologically wedded to renationalisation anyway, but partly because the last Conservative Government allowed nationalisation to become politically entrenched as the only alternative to the timetable meltdowns and strikes that destroyed the old rail franchises. That was a huge mistake, particularly when Open Access was – and still is – a proven, popular alternative that's standing at the platform and ready to depart. It's an argument which we made repeatedly in the dog days of the last Conservative Government, but failed to prod our successors into action. If we'd successfully established Open Access as the practical, growing alternative to renationalisation, Labour's prejudices might have had closer scrutiny. We would no longer have been offering electors a ghastly choice between dreadful 1970s British Rail or failed noughties franchising. Instead the question would have been: 'do you want our railways to move forward or back?' For anyone who's travelled on an Open Access train, or is just plain fed up with having no alternative when their local service lets them down, the answer is easy. Let's hope we will be brave enough to ask it clearly whenever the next election comes around.
Toronto Star
11-05-2025
- Business
- Toronto Star
My company offers a deferred profit-sharing plan. How does it differ from my group RRSP?
What looks like an RRSP, but isn't an RRSP? Of the many financial vehicles to help Canadians save for the future, a deferred profit sharing plan (DPSP) comes with its own rules and regulations that set it apart from an RRSP. A DPSP is an account that only an employer contributes to, and generally speaking, it's meant to represent a percentage of your company's profits, says Jason Heath, managing director at Objective Financial Partners in Toronto. He adds that this percentage can often range between two and four per cent. 'It kind of works like a group RRSP where your employer is just putting money into a separate account effectively,' says Heath. ARTICLE CONTINUES BELOW Heath says every plan is different, so it's important to read the fine print for specifics, like what happens to the contributions if you leave your job or get laid off. 'The DPSP provides flexibility if the employer gets into financial difficulty,' he says, 'but it also provides some flexibility to take back contributions if an employee leaves.' Also, be sure to read the fine print for the vesting period. 'The DPSP can have a maximum vesting period of up to two years,' says Cindy Marques, certified financial planner and director at Open Access in North York. Personal Finance Amid U.S. tariff storms, you really need a rainy-day fund. Here's where to park your money Experts says keeping emergency cash liquid is crucial, in an account that earns at least some This, Marques says, means that you would have to stay with the company for the duration of that vesting period for those funds to belong to you. She adds that if you leave your job after a year, and your DPSP has a vesting period of two years, your company could reclaim its contributions — the main difference between a DPSP and an RRSP. 'With RRSPs, that's immediate vesting,' says Marques. 'So your employer makes a contribution, you quit the next day, that money is yours to take.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Where you can withdraw money from an RRSP, you can't withdraw your company's contributions from a DPSP. Marques says that as long as you're with your company, that money stays in the DPSP. The tax implications between a DPSP and RRSP also differ. While RRSPs allow individual contributions that are tax-deductible and earnings can grow tax-deferred, DPSPs are tax-deductible until you withdraw the money. 'After you leave, you can roll the DPSP into the RRSP without any taxable consequences, and now you have more control over that money,' says Marques. You can also take the DPSP out in cash, but Marques warns that doing this triggers a 'huge taxable burden.' Personal Finance Bringing a dog home just got more expensive. Here's how to keep your best friend happy and healthy on a budget Aspiring dog parents can expect to pay between $1,750 and $4,655 in upfront costs to bring one home. Lastly, note that DPSP contributions reduce your RRSP contribution room for the following tax year. Heath points out that contributing to your RRSP will reduce your contribution room for the current year. 'But with a DPSP, your employer's contributions to the account reduce your RRSP contribution room for the next year,' says Heath. 'Employer contributions to a DPSP result in what's called a pension adjustment, and that pension adjustment reduces your RRSP room on a one-year delay.'
Yahoo
08-04-2025
- Health
- Yahoo
County Executive calls for emergency opioid funding for Open Access after federal funding cuts
ROCHESTER, N.Y. (WROC) — Local leaders are taking action after the county's only 24/7 addiction treatment space, Open Access, was recently notified there would be no further federal support. It comes after a massive slash in funding to public health efforts and agencies across the country by the Trump Administration. Open Access is run through Delphi Rise and provides critical treatment and services to approximately 2,000 people battling substance use disorder, more commonly simplified as 'addiction.' Monroe County Executive Adam Bello is asking for the legislature, in the April 8 meeting, to approve $405,000 in Opioid Settlement Funding (previously set aside in a trust fund) to help maintain Open Access services through the end of the year. During a press event at Delphi Rise on Hinchey Road, Bello described feeling 'outraged' when he learned about the impacts of the federal cuts. 'It would be hard to find anyone in Monroe County or really anywhere who does not know someone impacted by addiction. And that is why it is unfathomable to me that these federal cuts to addiction services have been made without notice, without any data, without options, without care, without understanding or empathy. It's quite simply a slap in the face to the people who are struggling with addiction and the families and friends trying to get them help,' Bello says. 'Just two weeks ago, U.S. Secretary of Health and Human Services, Robert Kennedy, Jr., extended the federal public health emergency for the opioid epidemic – calling it a National Security Crisis. And just 7 days later he announced plans to eliminate more than $11 billion in grants for addiction treatment, mental health care and other essential services,' says Congressman Joe Morelle. Delphi Rise/Open Access serves walk-ins any time of day or night, weekend or holiday. The agency also serves folks from hospital emergency department referrals, law enforcement, emergency hotlines and more with leaders saying it is truly a life-saving resource. The County Executive emphasized that what makes treatment services achieve success is when there are systems in place to care for folks the moment they are willing to make a change. 'When people are ready – when they have made the decision that they've had enough and they're willing to seek the treatment that they need — that is the time: that is the window that is access to care is critical and that doesn't always happen Monday through Friday from 9:00 a.m. to 5:00 p.m. and that's what the Secretary of Health and Human Services doesn't understand,' Bello says. Several state Attorneys General sued the White House over this move, then late last week, a federal judge temporarily blocked the administration from completing the cuts while this plays out in courts. Often times, as applied here to Delphi Rise/Open Access, federal funding comes via reimbursement. Delphi Rise CEO Jen Cathy says the agency has not received any payments since March 26th. To be clear, Delphi Rise/Open Access is still open and available if you or someone you know needs help. Call anytime at 585-627-1777. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Reuters
18-03-2025
- Business
- Reuters
Springer Nature forecasts 2025 revenue boost amid Open Access growth
March 18 (Reuters) - German publishing group Springer Nature ( opens new tab forecast higher revenue for 2025 on Tuesday, after it posted full-year revenue in line with analysts' expectations, driven by strong performance of its Open Access (OA) journals portfolio. The academic publisher expects to reach sales of 1.89 billion to 1.94 billion euros ($2.06 billion to 2.12 billion) this year, compared with last year's 1.85 billion euros which matched an LSEG consensus estimate. Springer Nature published 50% of its primary research articles OA last year, marking a shift from traditional journal subscriptions to a model where research funders or authors cover publication costs. In November, CEO Frank Vrancken Peeters expressed confidence in reaching this milestone in 2024, with future revenue expected to follow the same trend. The publisher of the scientific journal Nature invested 177 million euros in technology and AI to improve its publishing process in 2024, it said in the statement. It reported full-year results for the first time after its initial public offering in October. In November, it said it had used the IPO proceeds of 200 million euros to repay outstanding debt, reducing net debt to 2.5 times its core profit (EBITDA). ($1 = 0.9166 euros)
Yahoo
07-03-2025
- Business
- Yahoo
John Wiley & Sons Inc (WLY) Q3 2025 Earnings Call Highlights: Strong Research Growth and ...
Revenue: Up 1%, driven by 5% growth in research, offset by a 6% decline in learning. Operating Margin: Increased by 280 basis points to 14.2%. Adjusted EBITDA Margin: Improved by 50 basis points to 23.2%. Adjusted EPS: Increased by 39% due to higher adjusted operating income and a lower adjusted effective tax rate. Research Segment Revenue: Increased 5% in Q3 and 3% year-to-date. Learning Segment Revenue: Decreased 6% in Q3 but rose 4% year-to-date. Free Cash Flow: Expected to reach $125 million for fiscal 2025. AI Licensing Revenue: Generated $30 million year-to-date. Net Debt-to-EBITDA Ratio: 2.0 at the end of January. Warning! GuruFocus has detected 3 Warning Signs with MLR. Release Date: March 06, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. John Wiley & Sons Inc (NYSE:WLY) reported a 5% growth in its Research segment, driven by AI licensing and Open Access programs. The company achieved a 280 basis point improvement in operating margin and a 50 basis point increase in adjusted EBITDA margin. Recurring revenue models, which account for nearly 75% of the Research segment, demonstrate strong health with solid pricing power. John Wiley & Sons Inc (NYSE:WLY) has a strong balance sheet with consistent cash generation, evidenced by 31 consecutive years of dividend increases. The company is an early beneficiary of AI development, with emerging long-term opportunities in the corporate sector, particularly in research and development. The Learning segment experienced a 6% decline in revenue due to challenging year-over-year comparisons and softness in academic books. There is economic uncertainty, including consumer confidence, inflation, tariffs, policy swings, and geopolitical unrest, which could impact future performance. The company faces potential impacts from US government actions on research funding, although it does not anticipate any near-term effects. Corporate unallocated expenses increased by 9%, reflecting investments in enterprise modernization and consulting fees related to strategic initiatives. The company anticipates restructuring charges from its ongoing cost optimization and efficiency initiatives. Q: What are the drivers behind the upward revision of the 2026 margin target? A: Matthew Kissner, President and CEO, explained that the revision is primarily driven by rationalizing the cost structure, particularly in corporate shared services. Christopher Caridi, Interim CFO, added that they expect a 100-plus basis point improvement from these actions, aiming for sustainable value and permanent margin improvement. Q: How does Wiley's cost structure compare to competitors like Springer Nature, and what is the potential for sustained margin upside? A: Matthew Kissner noted that benchmarking against competitors revealed opportunities to streamline Wiley's cost structure. Despite differences in business mix, there is room for improvement, and the company is focused on responsible margin improvement without hindering revenue growth. Q: Can you confirm the details of the $9 million incremental AI revenue and its impact on the segments? A: Matthew Kissner confirmed that the full $9 million fell in Q3 and was attributed to the Research segment, unlike prior agreements that impacted Learning. Q: What is the outlook for the Learning segment, considering the tough comparisons and future growth prospects? A: Jay Flynn, EVP and GM of Research and Learning, acknowledged the tough comparison but highlighted improved margins and growth in digital licensing and AI. Christopher Caridi added that despite a tough Q4 comp, they expect positive growth in courseware and other licensing deals. Q: How does Wiley plan to allocate capital given the significant free cash flow and leverage reduction? A: Matthew Kissner stated that Wiley has been buying back shares at a higher rate and will assess the pace of share repurchases as free cash flow increases. There is no commitment yet, but they will evaluate opportunities for buybacks versus debt reduction. Q: What is Wiley's revenue exposure to US institutions, particularly US medical libraries, amid discussions on NIH funding? A: Matthew Kissner explained that US federal funding supports a small percentage of Wiley's research output, and the company is geographically diversified. Jay Flynn added that Wiley has strong relationships with US medical libraries and a global customer base, mitigating potential impacts. Q: How is Wiley deploying AI internally to improve cost efficiency, and what is the expected impact on margins? A: Jay Flynn discussed AI's role in workflow automation, document review, and content workflows, emphasizing that humans remain central to AI processes. While specific financial impacts aren't detailed, AI contributes to overall margin improvement. Q: Can Wiley's research business accelerate to match competitors' growth rates of 4-5% organically? A: Matthew Kissner indicated that Wiley's research growth rates will align more closely with industry levels by year-end, driven by back-ended revenue and favorable renewal trends. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
