Stock Markets
Albany International amends credit agreement terms
ROCHESTER, NH – Albany International Corp . (NYSE:) has updated the terms of its credit agreement, a move that adjusts the interest rate benchmark for its Canadian Dollar-denominated borrowings. The amendment, which was finalized on June 28, 2024, introduces the Adjusted Term CORRA as the new benchmark, replacing the previous CDO Rate.
The First Amendment to the Amended and Restated Credit Agreement, originally dated August 16, 2023, was signed by the company and JPMorgan Chase (NYSE:) Bank, N.A., serving as the Administrative Agent. The change includes a credit spread adjustment of 0.29547% for loans with one-month interest periods and 0.32138% for loans with three-month interest periods.
This modification reflects an ongoing shift in financial markets away from traditional benchmarks towards more reliable and transparent alternatives. The Adjusted Term CORRA is expected to provide a more stable and predictable basis for calculating interest rates on loans.
The full details of the First Amendment will be disclosed in Albany International’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2024. The company, headquartered at 216 Airport Drive in Rochester, New Hampshire, operates in the manufacturing sector, specifically within the broadwoven fabric mills, man-made fiber, and silk industry.
Investors and stakeholders of Albany International can anticipate the company’s adherence to the updated financial terms in its future financial activities. This strategic financial decision is indicative of Albany International’s proactive approach to managing its credit facilities in alignment with market developments.
This news is based on a press release statement and the company’s recent SEC filing.
In other recent news, Albany International Corp has experienced a mix of challenges and successes. The company reported solid first-quarter results for 2024, with significant growth in its Machine Clothing and Engineered Composites segments, primarily driven by the integration of Heimbach.
Despite a slight dip in organic demand in Europe, the company saw strong performance in North America. Albany International also reaffirmed its full-year guidance, demonstrating confidence in its ability to meet financial targets.
However, BofA Securities recently adjusted its outlook on Albany International, reducing the price target on the company’s shares while maintaining an Underperform rating. This revision follows concerns about the lack of organic growth in the Machine Clothing division, attributed to ongoing weakness in Europe and a slow recovery in Asia.
The Albany Engineered Composites segment is also facing challenges due to a decrease in LEAP engine production, low production rates of the 737MAX, and an oversupply of LEAP fan blades.
Despite these challenges, Albany International is seen to have a favorable outlook in the defense sector, mainly due to increased involvement with the CH-53K helicopter. However, potential growth restrictions could arise from delays in the F-35 program and possible postponements in funding for the Joint Air-to-Surface Standoff Missile. These are some of the recent developments surrounding Albany International.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By Maggie Fick and Ahmed Aboulenein
WASHINGTON (Reuters) – Members of Donald Trump’s presidential transition team are laying the groundwork for the United States to withdraw from the World Health Organization on the first day of his second term, according to a health law expert familiar with the discussions.
“I have it on good authority that he plans to withdraw, probably on Day One or very early in his administration,” said Lawrence Gostin, professor of global health at Georgetown University in Washington and director of the WHO Collaborating Center on National and Global Health (NS:) Law.
The Financial Times was first to report on the plans, citing two experts. The second expert, former White House COVID-19 response coordinator Ashish Jha, was not immediately available for comment.
The Trump transition team did not immediately respond to a Reuters request for comment.
The plan, which aligns with Trump’s longstanding criticism of the U.N. health agency, would mark a dramatic shift in U.S. global health policy and further isolate Washington from international efforts to battle pandemics.
Trump has nominated several critics of the organization to top public health positions, including Robert F. Kennedy Jr., a vaccine skeptic who is up for the post of secretary of Health and Human Services, which oversees all major U.S. health agencies including the CDC and FDA.
Trump initiated the year-long withdrawal process from the WHO in 2020 but six months later his successor, President Joe Biden, reversed the decision.
Trump has argued that the agency failed to hold China accountable for the early spread of COVID-19. He has repeatedly called the WHO a puppet of Beijing and vowed to redirect U.S. contributions to domestic health initiatives.
A WHO spokesperson declined to directly comment but referred Reuters to comments by WHO Director-General Tedros Adhanom Ghebreyesus at a press briefing on Dec. 10 in which he was asked whether he was concerned that the Trump administration would withdraw from the organization.
Tedros said at the time that the WHO needed to give the U.S. time and space for the transition. He also voiced confidence that states could finalize a pandemic agreement by May 2025.
Critics warn that a U.S. withdrawal could undermine global disease surveillance and emergency response systems.
“The U.S. would lose influence and clout in global health and China would fill the vacuum. I can’t imagine a world without a robust WHO. But U.S. withdrawal would severely weaken the agency,” Gostin said.
U.Today – MicroStrategy has made headlines again by purchasing 5,262 BTC for approximately $561 million at an average price of $106,662 per BTC. The company now holds a staggering 444,262 BTC, accumulated at a total cost of approximately $27.7 billion, with an average purchase price of $62,257 per BTC.
Despite impressive returns of 47.4% since the beginning of the quarter and 73.7% since the beginning of the year, skepticism about the company’s strategy is growing.
It is believed that to sustain its purchases, MicroStrategy raises capital through methods such as issuing convertible and corporate bonds, securing credit lines and selling shares.
This cycle appears to operate as follows: shares are sold to acquire the cryptocurrency, and the rising price per BTC increases asset value, enabling further loans, which are then reinvested in more purchases.
Some observers warn that a significant decline in Bitcoin’s price or MicroStrategy’s stock could trigger a cascade effect. A sharp fall in MSTR shares would weaken the collateral backing its loans, potentially leading to forced asset sales, including BTC.
This scenario could exert downward pressure on the broader cryptocurrency market, as the company holds 2.2% of the global Bitcoin supply now.
Thus, while some view Michael Saylor’s approach as a bold bid to cement the cryptocurrency’s role in the financial system, others see it as unsustainable. History offers a cautionary note: in 2000, MSTR shares surged to $333 before plummeting 99%, a collapse that took 24 years to recover from.
National homebuilder ranked No. 12 on inaugural list ranking companies based on trust
SCOTTSDALE, Ariz., Dec. 23, 2024 /PRNewswire/ — With a longstanding reputation for trust, national homebuilder and land developer Taylor Morrison (NYSE:) (NYSE: ™HC) has been recognized by Forbes on their inaugural list of the Most Trusted Companies in America. The homebuilder ranked No. 12 out of 300 companies across all industries.
“There are few things more powerful than trust and it’s something we strive to earn amongst all company stakeholders, from our customers to our team members, our shareholders, and our local communities,” said Taylor Morrison Chairman and CEO Sheryl Palmer. “To be included on this esteemed list in its inaugural year is especially meaningful and these awards are important reminders of the relationships we’re building across all aspects of our business.”
Fueled by hundreds of millions of data points, the Most Trusted Companies in America list combines data on a wide range of factors across four categories: employee trust, customer trust, investor trust and media sentiment. The ranking was created in partnership with research companies HundredX, Signal AI and Glassdoor.
Taylor Morrison also earned the No. 67 spot on Forbes’ inaugural America’s Best Companies list. The ranking is Forbes’ most comprehensive company ranking to date and factored in ratings for financial performance, customer and employee satisfaction, cybersecurity, sustainability, companies’ remote work policies, media coverage and more. Forbes’ America’s Best Companies list assessed more than 60 metrics across 11 primary categories to identify which organizations excel across the board. Of the more than 2,000 U.S.-based publicly traded companies that were eligible, only 300 qualified for each list.
In addition to being named among the Most Trusted and Best Companies in America by Forbes, Taylor Morrison holds several additional accolades including being named on Newsweek’s America’s Most Responsible Companies and America’s Greenest Companies lists, U.S. News & World Report’s Best Companies to Work For list, the American Opportunity (SO:) Index, America’s Most Trusted ® Home Builder for nine years, Hearthstone’s 2021 BUILDER Humanitarian Award, and inclusion on the Fortune 500 list since 2021.
About Taylor Morrison
Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation’s leading homebuilders and developers. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and resort lifestyle homebuyers and renters under our family of brands”including Taylor Morrison, Esplanade and Yardly. From 2016-2024, Taylor Morrison has been recognized as America’s Most Trusted ® Builder by Lifestory Research. Our long-standing commitment to sustainable operations is highlighted in our annual Sustainability and Belonging Report.
For more information about Taylor Morrison, please visit www.taylormorrison.com.
CONTACT:
media@taylormorrison.com
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