News from October 30, 2025

Technology

Trump quietly moves to slash key Social Security benefits - what are they?

Global Desk Social Security benefits are a lifeline for millions of Americans, especially seniors and people with disabilities. But now, some people who depend on these benefits might soon face one of the biggest cuts in history. There has been no big announcement or new law. Instead, the Trump Administration is trying to bring this change quietly through regulatory shifts — meaning rule changes inside government departments. This way, it doesn’t need Congress’ approval. The Trump Administration’s new proposal would change how people qualify for Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). The main goal is to tighten the eligibility rules, making it tougher for people — especially older Americans — to get approved. New job data may change who gets benefitsCurrently, the Social Security Administration (SSA) uses an old list called the Dictionary of Occupational Titles to decide what kinds of jobs exist and how hard they are. The new proposal would replace it with a new database from the Bureau of Labor Statistics, called the Occupational Requirements Survey (ORS), as per the report by The Motley Fool. This part has bipartisan support, meaning both parties agree it’s time to use modern job data.ALSO READ: Melania Trump distances herself from Donald’s White House Ballroom project — ‘She’s not on board,’ source saysThe SSA will not just update the data — it will change how it interprets the information. That means they will look differently at how many jobs exist, what skills are needed, and what level of physical effort is required. These details directly affect whether someone qualifies for disability benefits. Live EventsOlder workers may find it harder to qualifyThe SSA is also planning to change how age, education, and work history affect a person’s chances of getting benefits. This could especially hurt older workers, because the new system might assume they can still adjust easily to simple or entry-level jobs.Earlier drafts of the rule say that age will no longer be seen as a serious barrier to finding work. Right now, people aged 50 and older have a better chance of qualifying because it’s assumed they can’t easily adapt to new jobs. Under the new rule, that threshold moves to 55, making it five more years harder to qualify.According to the Urban Institute, the new rules could cut SSDI eligibility by around 20% overall — and by 30% among older workers. That means hundreds of thousands of people could lose benefits. Even if eligibility falls by just 10%, about 500,000 people could lose benefits over 10 years, and another 250,000 might lose them temporarily during that time. Since SSDI recipients often qualify for Medicare or Medicaid, losing SSDI could also mean losing access to healthcare coverage, as stated by The Motley Fool. If older workers are denied SSDI, they might have no choice but to take early retirement benefits. That could cut their lifetime retirement income by around 30%.A similar proposal came up during Trump’s first term, but it was never implemented. This time, however, it seems more serious and likely. It’s still unclear if this rule will actually be finalized. But since the administration can do it through regulation, it does not need Congress, making it a real possibility. Financial experts say anyone who depends on Social Security should stay alert and plan ahead. They suggest talking to financial advisors and looking into private disability insurance or other income options in case these benefit cuts happen. FAQsQ1. What Social Security benefits is Trump planning to cut?Trump’s proposal could make it harder to qualify for Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) by changing eligibility rules and job data standards.Q2. How will the new Social Security rule affect older workers?The new rule could raise the age limit from 50 to 55, making it tougher for older Americans to get disability benefits and possibly reducing their lifetime income.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onTrump Social Security cutsSocial Security benefitsSSDI eligibility changesdisability benefits ruleTrump administration regulationsolder workers Social SecuritySupplemental Security Income (SSI)Social Security newsSocial Security reformMedicare and Medicaid impact (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onTrump Social Security cutsSocial Security benefitsSSDI eligibility changesdisability benefits ruleTrump administration regulationsolder workers Social SecuritySupplemental Security Income (SSI)Social Security newsSocial Security reformMedicare and Medicaid impact(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless Explore More Stories123

Durva More 20 hours ago

Technology

Speeding dumper truck kills biker, angry crowd torches vehicle

KARACHI: A speeding dumper truck collided with a motorcycle near Indus Chowrangi in Korangi, killing the rider and injuring two others. Despite the city’s modern e-ticketing system, accidents involving heavy vehicles continue to occur. According to police, traffic officers had signaled for the dumper to stop, but the driver ignored the signal and proceeded at high speed, crashing into the motorcycle. Following the incident, an angry crowd set the dumper on fire. The driver fled the scene, and police are working to apprehend him. The body of the deceased, identified as 40-year-old Muhammad Iqrar, was taken to Jinnah Hospital for legal formalities. Police and fire brigade teams quickly responded to the scene. Firefighters extinguished the flames, but the dumper’s front section was completely destroyed. Traffic enforcement officials confirmed the driver was speeding and failed to obey the officers’ signals. The dumper was filled with garbage and operated under the Sindh Solid Waste Management Board. Dumper owners have demanded legal action against those responsible for setting the vehicle ablaze. Local residents and eyewitnesses expressed frustration, claiming that dumper drivers regularly engage in reckless driving while traffic police often ignore violations by heavy vehicles, instead focusing on minor infractions by ordinary motorists.

News Desk 20 hours ago

Technology

Lahore leads global pollution index; AQI reaches 985 in several areas

LAHORE: Lahore has once again topped the global pollution index, with hazardous air quality levels recorded across various parts of the city. The Air Quality Index (AQI) in several areas has soared to alarming levels, with some areas reaching 985. According to IQAir, the city’s overall AQI on Thursday stood at 515, ranking it the most polluted city globally, while New Delhi followed at second place with an AQI of 459. Areas such as City School in Allama Iqbal Town recorded the highest AQI levels at 985, followed by FF Pakistan at 816 and Saddar Cantonment at 725. Other regions like Wildlife & Parks, Hiking & Mountaineering, and Ravi Camp also reported AQI levels between 657 and 702. Air quality in surrounding districts, including Gujranwala, Sheikhupura, and Kasur, also deteriorated, with AQI levels reaching up to 500 in several areas. Cities like Faisalabad, Sargodha, and Dera Ghazi Khan recorded relatively lower but still unhealthy levels of 413, 392, and 374, respectively. In response to the deteriorating situation, Punjab Chief Minister Maryam Nawaz Sharif has ordered the closure of construction sites and buildings that violate environmental regulations. She directed district administrations, police, and the agriculture department to increase night-time patrolling, stressing the importance of inter-departmental coordination to combat smog effectively. The Pakistan Meteorological Department indicated that polluted air masses from India’s Haryana, Punjab, and Himachal regions are exacerbating the pollution, with winds stagnating pollutants near ground level. Crop residue burning in Indian Punjab is also contributing to the worsening air quality. The Environmental Protection Agency (EPA) has taken action, demolishing an illegal brick kiln for excessive emissions and processing over 412 tons of substandard plastic for recycling. EPA officials have also been monitoring crop residue burning, with some improvements noted. However, experts warn that the situation may worsen as evening traffic congestion and falling night-time temperatures further intensify smog. Punjab authorities are urging citizens, especially children, the elderly, and those with respiratory or cardiac conditions, to avoid outdoor activities between 12pm and 3pm and after 7pm. They have also recommended carpooling and avoiding smoke-emitting vehicles to reduce pollution. Senior Provincial Minister Marriyum Aurangzeb stated that Punjab is implementing a “climate-resilient paradigm shift,” with green policies across sectors, including a zero-tolerance approach to construction dust, vehicular emissions, and plastic usage.

News Desk 20 hours ago

Technology

Westlake Partners Earnings Call Transcript

Thursday, October 30, 2025 at 1 p.m. ET CALL PARTICIPANTS Executive Chairman — Albert Chao President and Chief Executive Officer — Jean-Marc Gilson Executive Vice President and Chief Financial Officer — Steve Bender Director of Investor Relations — Jeff Hawley Need a quote from a Motley Fool analyst? Email [email protected]. Net Income -- $15 million net income for Q3 2025, with earnings of $0.42 per unit, driven by the completion of the planned turnaround at the Petro 1 ethylene unit. Consolidated Net Sales -- $3.09 billion consolidated net sales for Q3 2025, representing the total sales for the partnership, including OpCo results. Distributable Cash Flow -- $15 million, or $0.42 per unit, $3 million lower in 2025 compared to 2024 due to higher maintenance capital expenditures from timing changes. Cash and Investments -- $51 million at the end of Q3 2025, managed under an investment agreement with Westlake. Long-Term Debt -- $400 million at the end of Q3 2025, split as $377 million at the partnership and $23 million at OpCo. Capital Expenditures -- $30 million spent by OpCo on capital projects in 2025. Leverage Ratio -- Consolidated leverage ratio of approximately 1.0 times for Q3 2025, characterized as "strong leverage metrics" by management. Quarterly Distribution -- 47.14¢ per unit for Q3 2025, payable on November 20, 2025, noting 45 consecutive quarterly distributions since IPO and a 71% increase over the original minimum. Distribution Coverage Ratio -- Cumulative ratio since IPO of about 1.1 times, with occasional dips below target linked to planned turnaround events. Ethylene Sales Agreement Renewal -- OpCo and Westlake extended the agreement through 2027 with unchanged terms, including pricing and volume protections. Take-or-Pay Contract Structure -- Structure covers 95% of OpCo's production, providing "predictable fee-based cash flow" according to management. No Planned Turnarounds Ahead -- There are no scheduled plant turnarounds for the remainder of 2025 or in 2026. Westlake Chemical Partners (WLKP 0.25%) management stated the planned Petro 1 unit turnaround reduced distributable cash flow, but noted resumption of full production post-turnaround. The newly renewed ethylene sales agreement, running through 2027 without changes, maintains current pricing formulas and volume protections. Management highlighted the partnership's ability to sustain quarterly distributions, attributing this to predictable fee-based cash flow from long-term take-or-pay contracting. Westlake Chemical Partners does not plan to access capital markets and has no scheduled major maintenance shutdowns for the next five quarters. Bender said, "now that we've completed that turnaround successfully and are back in full production, that operating surplus should continue to build, and I would fully expect that distribution to continue to be well covered by the cash flows of the business." The partnership’s leverage remains low, supporting further flexibility in capital management strategies. Gilson pointed to "soft" global industrial and manufacturing activity, yet cited continued support for earnings via fixed-margin contracting regardless of the broader market cycle. Four noted growth avenues include increasing OpCo ownership, acquiring other qualifying income streams, organic expansion (notably the Italian facilities), and negotiating higher fixed margins in the future. INDUSTRY GLOSSARY OpCo: Westlake Chemical OpCo LP, the operating subsidiary that owns certain olefins assets and provides production for the partnership. Take-or-Pay Contract: Agreement obligating the purchaser to pay for a set volume of product whether or not it is physically delivered, stabilizing cash flows for the producer. Planned Turnaround: Scheduled maintenance shutdown of a production facility, often resulting in temporary reductions in output and cash flow. Full Conference Call Transcript Jeff Hawley: Thank you, Gerald. Good afternoon, everyone. And welcome to the Westlake Chemical Partners Third Quarter 2025 Conference Call. I'm joined today by Albert Chao, our Executive Chairman, Jean-Marc Gilson, our President and CEO, Steve Bender, our Executive Vice President and Chief Financial Officer, and other members of our management team. During this call, we refer to ourselves as Westlake Partners or the partnership. References to Westlake refer to our parent company, Westlake Corporation, and references to Opco refer to Westlake Chemical OpCo LP, a subsidiary of Westlake and the partnership, which owns certain olefins assets. Additionally, when we refer to distributable cash flow, we are referring to Westlake Chemical Partners MLP distributable cash flow. Definitions of these terms are available on the partnership's website. Today, management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs, as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations and thus are subject to risks or uncertainties. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our Investor Relations website. This morning, Westlake Partners issued a press release with details of our third quarter 2025 financial and operating results. This document is available in the press release section of our webpage at wlkpartners.com. A replay of today's call will be available beginning two hours after the conclusion of this call. The replay can be accessed via the partnership's website. Please note that information reported on this call speaks only as of today, 10/30/2025, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would finally advise you that this conference call is being broadcast live through an Internet webcast system that can be accessed on our webpage at wlkpartners.com. Now I would like to turn the call over to Jean-Marc Gilson. Jean-Marc? Jean-Marc Gilson: Thank you, Jeff. Good afternoon, everyone, and thank you for joining us to discuss our third quarter 2025 results. In this morning's press release, we reported Westlake Partners' third quarter 2025 net income of $15 million or $0.42 per unit. Compared to the 2025, our third quarter sales and earnings benefited from the completion of the planned turnaround at our Petro 1 ethylene unit in Lake Charles, Louisiana during the second quarter. I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter. Steve? Steve Bender: Thank you, Jean-Marc, and good afternoon, everyone. In this morning's press release, we reported Westlake Partners' third quarter 2025 net income of $15 million or $0.42 per unit. Consolidated net income, including OpCo's earnings, was $86 million on consolidated net sales of $3.09 billion. The partnership had distributable cash flow for the quarter of $15 million or $0.42 per unit. Third quarter 2025 net income for Westlake Partners of $15 million was lower than the third quarter 2024 partnership net income partially due to lower margins on sales of ethylene to third parties. Distributable cash flow of $15 million or $0.42 per unit for 2025 decreased by $3 million compared to 2024 due to higher maintenance capital expenditures as a result of changes in the timing of maintenance activities in 2025 as compared to 2024. Turning our attention to the balance sheet and cash flows, at the end of the third quarter, we had consolidated cash and cash investments with Westlake through our investment management agreement totaling $51 million. Long-term debt at the end of the quarter was $400 million, of which $377 million was at the partnership and the remaining $23 million was at OpCo. In 2025, OpCo spent $30 million on capital expenditures. We maintained our strong leverage metrics with a consolidated leverage ratio of approximately one time. On 10/28/2025, we announced a quarterly distribution of $0.4714 per unit with respect to 2025. Since our IPO in 2014, the partnership has made 45 consecutive quarterly distributions to unitholders, and we have grown distributions 71% since the partnership's original minimum quarterly distribution of $0.275 per unit. The partnership's third quarter distribution will be paid on 11/20/2025 to unitholders of record on 11/10/2025. The partnership's predictable fee-based cash flow continues to prove beneficial in today's economic environment and is differentiated by the consistency of our earnings and cash flows. Looking back, since the IPO in July 2014, we have maintained a cumulative distribution coverage ratio of approximately 1.1 times. And with the partner's stability and cash flows, we are able to sustain our current distribution without the need to access capital markets at all. For modeling purposes, we have no planned turnarounds for the remainder of 2025 or in 2026. Now I'd like to turn the call back over to Jean-Marc to make some closing comments. Jean-Marc? Jean-Marc Gilson: Thank you, Steve. The stability of Westlake Partners' business model is consistently demonstrated through our fixed margin ethylene phase agreement, which minimizes market volatility and other production risks. The high degree of stability in cash flow, when paired with the predictability of our model, has enabled us to deliver a long history of reliable distributions and coverage. As a result of its importance to the stability of our cash flows, I'm pleased that earlier this week, OpCo and Westlake agreed to renew the ethylene sales agreement through 2027 with no changes to the contract's terms or conditions. The renewed ethylene sales agreement maintains the same pricing formula and sales volume protections that have provided the partnership with a distributable cash flow to make 45 consecutive quarterly distributions to unitholders since its IPO in 2014. Furthermore, we believe that Westlake's decision to renew the ethylene sales agreement under the same terms that have been in place since its origination demonstrates the critical nature of OpCo's supply of ethylene to their operations and their commitment to support OpCo's continued safe, reliable operations through stable, predictable cash flows. Turning to our outlook, global industrial and manufacturing activity remains soft in 2025, which is broadly impacting the global chemical industry. Despite the challenging global macroeconomic backdrop, the partnership's financial performance and distributions will continue to be supported by our ethylene sales agreement, which provides a predictable fee-based cash flow structure from our take-or-pay contract with Westlake for 95% of OpCo's production. As has been the case since our IPO over ten years ago, this ethylene sales agreement has delivered stable and predictable cash flow through economic ups and downs, as well as planned and unplanned turnarounds. Turning to our capital structure, we maintain a strong balance sheet with conservative leverage metrics. As we continue to navigate market conditions, we will evaluate opportunities via our four levers of growth in the future, including increases in our ownership interest of OpCo, acquisitions of other qualifying income streams, organic growth opportunities such as the expansion of our current Italian facilities, and negotiation of a higher fixed margin in our ethylene sales agreement with Westlake. We remain focused on our ability to continue to provide long-term value and distribution to our unitholders. As always, we will continue to focus on safe operations along with being good stewards of the environment where we work and live as part of our broader sustainability efforts. Thank you very much for listening to our third quarter earnings call. Now we'll turn the call back over to Jeff. Thank you, Jean-Marc. Jeff Hawley: Before we begin taking questions, I'd like to remind you that a replay of this teleconference will be available two hours after the call has ended. We will provide instructions to access the replay at the end of the call. Gerald, we will now take questions. Operator: Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you will need to press 11 on your telephone. Wait for your name to be announced. To withdraw your question, please press 11 again. Just one moment, please. Our first question will come from James Eshel from Aviation Advisory Services Inc. The floor is yours. James Eshel: Oh, thank you very much. Excuse me. I noticed that the distributable cash flow for the quarter was less than the amount of distribution per unit. What is the outlook for getting the distributable cash flow up to a level, again, where the distribution will be covered? Steve Bender: Yeah. The entire reason for that was the planned turnaround. And when we have planned turnarounds, it does impact, of course, production and therefore sales. And so it's not unusual when we have these planned turnaround events for our coverage ratio to dip below the 1.1 target and to have some impact on those cash flows. But we have an operating surplus that is quite robust, and we'll continue and have continued to pay those distributions out of that operating surplus. And now that we've completed that turnaround successfully and are back in full production, that operating surplus should continue to build, and I would fully expect that distribution to continue to be well covered by the cash flows of the business. James Eshel: Okay. So is it reasonable to assume or rather on a pro forma basis if you would not have the impact of the turnaround that the distributable cash flow would have been in excess of the distribution? Steve Bender: Yes. It would have. James Eshel: Wonderful. Thank you very much. Steve Bender: You are welcome. Operator: Thank you for your question. Just give me just a second to see if anyone else would like a question. So at this time, I'm showing no further questions. And I'd like to hand it back to Jeff for closing remarks. The floor is yours, Jeff. Jeff Hawley: Thank you. Thanks again for participating in today's call. We hope you'll join us for our next conference call to discuss our fourth quarter 2025 results. Operator: Thank you for participating in today's Westlake Chemical Partners Third Quarter 2025 Earnings Conference Call. As a reminder, this call will be available for replay beginning two hours after the call has ended and may be accessed until 11:59 PM Eastern Time on Thursday, 11/13/2025. The replay can be accessed via the partnership website. Goodbye. This does conclude the program. You may now disconnect.

Motley Fool Transcribin,Motley Fool Transcribing 21 hours ago

Technology

Trump orders resumption of US nuclear weapons testing after 33 years

US President Donald Trump has directed the Pentagon to resume nuclear weapons testing, ending a 33-year hiatus. The announcement came just before a meeting with Chinese President Xi Jinping in South Korea. Trump revealed the decision on Truth Social while aboard his Marine One helicopter, stating that the United States would begin testing its nuclear arsenal on “an equal basis” with other nuclear powers. Trump’s decision follows escalating nuclear activities from countries like Russia and China. He expressed that nuclear testing was essential to ensure the US remains competitive, particularly as China has rapidly expanded its nuclear stockpile. Trump noted that China, which has more than doubled its nuclear arsenal in the last five years, would be on par with Russia within the next few years. The move has sparked widespread concern. Experts argue that restarting nuclear tests could lead to a chain reaction, prompting other countries to resume testing, which could undermine the global nuclear non-proliferation treaty. Critics, including lawmakers and arms control advocates, have argued that the US has no need for nuclear explosive tests, citing no technical or political justification for such a step. Trump’s decision comes on the heels of recent Russian and Chinese nuclear advancements. Russia recently tested nuclear-powered cruise missiles and torpedoes, while China is projected to possess over 1,000 nuclear warheads by 2030. Meanwhile, the United States has an estimated 5,225 nuclear warheads, with Russia holding 5,580. The US president’s stance has also drawn criticism for its potential to escalate tensions with Russia and China. As Trump continues to press for nuclear arms control negotiations, particularly with Russia and China, his push for renewed testing has highlighted the growing complexity of global nuclear diplomacy.

Agencies 21 hours ago

Technology

'Vagueness doctrine': How a common authoritarian tactic has 'become fundamental' to Trump

New York Times Magazine writer Matthew Purdy says that the use of vague rules by President Donald Trump and his administration to "justify arbitrary and capricious" actions is intentional, establishing a "clear line between democracies run by laws and autocracies run by strongmen." Citing federal judge William Young's "searing" opinion on Trump's cancellation of research grants by the National Institutes of Health, Purdy says that Trump's "broadly cast executive orders" were intentional. Young said that by setting up Diversity Equity and Inclusion (DEI) as "some sort of boogeyman," Trump administration officials “decided that they are going to ‘eradicate’ something that they cannot define.” Young's critique, Purdy explains, faults "the administration for using broadly cast executive orders and policies to justify “arbitrary and capricious” actions. This is known as the "vagueness doctrine, a concept that for centuries has been foundational to American law," Purdy explains. "Unless laws are clearly stated, citizens cannot know precisely what is and is not permitted, handing authorities the power to arbitrarily decide who is in violation of a law or rule," he writes. This doctrine is a common autocratic technique, Purdy says. "Vagueness has long been seen as a clear divide between democracies run by laws and autocracies run by strongmen, leading American administrations of both parties to routinely criticize foreign governments for using vague laws to suppress unwanted speech and behavior." This vagueness has also "become fundamental to the way Trump operates," Purdy explains, and "it is not so much a legal strategy as a power dynamic." Purdy says this dynamic is evident in Trump's targeting of so-called "woke culture," an attack that judges have deemed "ill-defined." "In a sense, Trump is creating a system of rules and punishments all his own. And when those rules are vaguely defined — unlike, say, a speed limit or even complex financial regulations — there is no assurance that anyone can be safely outside the zone of violation," he says. And while Trump "saw the dangers of vagueness" as a private citizen facing indictments for the retention of classified documents nad his own lawyer Todd Blanche argued that the underlying law was vague, he has, Purdy says, "flipped the script" in his second term. "Following the killing of the right-wing provocateur Charlie Kirk, Trump and his associates appear to be drawing up a fresh batch of broadly defined violations to catch their political enemies — a strategy critics say is akin to how authoritarians use vague accusations to target opponents," Purdy says. Vagueness, he explains, "breeds trepidation, perhaps the desired result." International law professor at the University of Chicago Tom Ginsburg, ho has written about the decline of democracies around the world, says that "vagueness is part of the tool kit." Vagueness, Purdy explains, "has been seen as antithetical to due process and the rule of law since the earliest days of American democracy." The nation's founders warned in the Federalist Papers against laws "so incoherent that they cannot be understood” or those that change so often “that no man, who knows what the law is today, can guess what it will be tomorrow.” Conservative Supreme Court Justice Neil M. Gorsuch wrote in a 2018 Supreme Court opinion that “Vague laws invite arbitrary power," siding with his liberal colleagues in striking down a provision, which he said lacked "clear criteria", used to try to deport a Filipino man, a legal permanent resident, who was convicted of burglary. “A government of laws and not of men can never tolerate that arbitrary power,” Gorsuch wrote. And despite Trump's many attempts, "None of Donald Trump’s edicts have deployed vagueness as effectively as his attack on D.E.I.," Purdy says. "Less understood is the recipe that makes the anti-D.E.I. campaign so effective: equal parts vagueness and threat." What began in Russia, explains Purdy about vagueness, has now gone global, Purdy says. "Today strongmen around the world often use vague laws to constrain groups that challenge their power," he says. Trump's attacks on law firms have exemplified this as well, Purdy says. Trump targeted the law firm WilmerHale through an executive order, claiming the firm engaged in activities detrimental to national interests and was associated with Robert Mueller's Russian interference investigation. The order aimed to bar the firm's lawyers from federal buildings and revoke their security clearances. However, a federal judge struck down the order, ruling it unconstitutional and an attempt at political retribution — a decision supported by other federal judges. "Judge Richard J. Leon, a George W. Bush nominee, said he agreed with the firm’s assertion that the executive order left no doubt that WilmerHale is being punished because it has represented some of the president’s political opponents and advanced positions with which he disagrees," Purdy writes. “The order essentially leaves it to WilmerHale to predict which causes and which attorneys the president personally dislikes and then steer clear of those causes and attorneys,” Leon wrote. “This chilling effect triggers serious vagueness concerns.”

Lesley Abravanel 21 hours ago

Technology

Why Emcor Group Plunged Today

Shares of construction services provider Emcor Group (EME 17.45%) had plunged 17% on Thursday by 12:35 p.m. ET. Emcor is a large-cap, diversified provider of construction services, and it has caught fire this year on the back of demand for artificial intelligence (AI) data centers, which has bolstered its electrical services segment. Despite beating analyst expectations on both the top and bottom lines this morning, Emcor fell, as its forward guidance wasn't enough to satisfy investors after a 70% run in the stock in 2025. Emcor sees the perils of high expectations In the third quarter, Emcor grew revenue 16.4% to $4.3 billion, while earnings per share (EPS) grew slightly slower at 13.3% to $6.57. Both figures beat analysts' expectations, despite the slight margin compression. The star of the show was Emcor's Electrical Construction & Facilities Services segment, which rocketed 52.1% in the quarter. All of Emcor's other segments grew in the low-to-mid-single digits. So what was the problem? Likely, full-year guidance. For the year, management now expects between $16.7 billion and $16.8 billion in revenue, whereas last quarter's guidance was for between $16.4 billion and $16.9 billion, a wider range with a higher top limit. And while the company raised the bottom end of its EPS estimate range, it didn't increase the top end, keeping it at $25.75 despite the quarter's beat. Another positive was remaining performance obligations, which are long-term contracts that have yet to be fulfilled. That figure grew 29% to an all-time high of $12.61 billion. Still, it appears the near-term guidance was enough to cause a round of profit-taking in the high-flying stock. Emcor is a decent value After today's plunge, shares trade at 25.6 times 2025 earnings estimates. That's not exactly cheap, but it's also not overly expensive for a company that stands to benefit from the demand for data centers. Emcor's AI-exposed electrical segment made up about 31% of Emcor's U.S. operations -- the company is divesting its UK operations -- and as that segment makes up a greater portion of the business, overall growth should hold steady or perhaps even accelerate. This is a stock worth investigating to potentially buy on the dip.

Billy Duberstein 21 hours ago

Technology

The Smartest ETF to Buy With $1,000 Right Now

Sometimes, instead of picking individual stocks, it pays to buy the entire market, especially if most stocks are rising. An easy way to do that is with an exchange-traded fund (ETF) that tracks an entire index like the S&P 500 index or the Nasdaq Composite, both of which are doing well so far in 2025. The S&P 500 is up almost 18% this year, and the tech-heavy Nasdaq has climbed an impressive 24%. But there's another market blowing those two out of the water right now. Look East to help your portfolio go North The Korea Composite Stock Price Index, or Kospi, is up 70% year to date, which means it has outperformed the S&P 500 by more than 50 percentage points. And the iShares MSCI South Korea ETF (EWY 1.47%), which tracks the performance of large- and mid-cap stocks in the South Korean market (analogous to the S&P 500), is a great way to invest in it. That ETF is up an astonishing 88% this year. South Korea's stock market is being driven higher partly by AI, which is sending its tech stocks -- and particularly its chipmakers -- much higher. In addition, the country's new president, Lee Jae Myung, elected in June, promised to end the so-called "Korea discount" -- which refers to the fact that Korea's listed companies have historically suffered from low valuations -- in part by passing new shareholder protections. He also wants to lower the threshold for capital gains taxes on stocks. That's driving investor flows into Korean stocks and ETFs. At the ETF's current price of just about $96 a share, an investment of $1,000 will get you a little more than 10 shares, with enough left over to enjoy a very nice lunch as you contemplate future profits.

Matthew Benjamin 21 hours ago

Technology

Mini-football tournament held among orphanage teams on Heydar Aliyev Foundation VP Leyla Aliyeva’s initiative (PHOTO)

BAKU, Azerbaijan, October 30. On October 30, another “Friendship Cup” mini-football tournament was held among teams of boys and girls aged 10–11 and 12–13 from orphanages. The tournament aims to support the physical and psychological development of children while fostering team spirit, self-confidence, and social skills, Trend reports. Leyla Aliyeva, Vice-President of the Heydar Aliyev Foundation and founder and head of the IDEA Public Union, Arzu Aliyeva, Head of Baku Media Center, and Alena Aliyeva also watched the tournament. Organized by the Association of Football Federations of Azerbaijan, the competition featured teams from orphanages No. 1, No. 2, and No. 3 in Baku, and No. 4 in Ganja, competing under the names “Shahinlar,” “Birlik,” “Zafar,” and “Kapaz,” respectively, in both age categories. High sports enthusiasm and friendly relations were observed among the participants, with the children and spectators sharing moments of great excitement and joy. One of the most memorable moments of the event was when Leyla Aliyeva, Arzu Aliyeva, and Alena Aliyeva supported all the teams, engaged in sincere conversations with the children, and took photos with them. They wished success to all participants and emphasized the importance of organizing such events on a larger scale and on a regular basis in the future. The winning teams in both age categories were awarded diplomas, medals, and cups. The teams that took second and third places also received medals and diplomas. At the end of the event, the children, educators, and organizers emphasized that such initiatives have a positive impact on children’s lives, helping strengthen self-confidence and social connections. They expressed gratitude for the continuous organization of such social projects. The “Friendship Cup” mini-football tournament was first held in May, and the current competition was successfully organized as a continuation of that tradition. The main goal of the tournament is not only to promote a healthy lifestyle and physical activity among children growing up in social service institutions but also to support their integration into society and create opportunities for building new friendships.

Ingilab Mammadov 21 hours ago

Technology

‘Any job is a woman’s job’ — UN post sparks vacancies for female truck off-loaders, barrow pushers

Social media users have flooded X with mock menial job adverts for women after a United Nations (UN) post declared that “any job is a woman’s job”. Some of the roles advertised included electricians, plumbers, mechanics, construction workers, factory workers, and welders. Several of the tongue-in-cheek ads were paired with videos. “We have vacancies for women looking to offload trucks. Working hours are 7am to 6pm, Mondays to Saturdays. Wages are 15k daily (without meals and transport),” one of the replies reads. In the accompanying clip, a man piles nine heavy bags of an unknown content from a truck onto another man’s shoulders as he struggles to keep his balance and staggers away. The words “real, hard work” are emblazoned in red across the Another footage shows a man hauling over 10 strips of wood from storage to a carpentry shed, moving quickly but clearly strained by the “Even this job?” the X user posted alongside the video. The UN’s post sparked criticism as many social media users accused the multilateral organisation of making the assertion only when the jobs are about “prestige, office roles, or boardroom seats” but “go silent when it’s about fixing roads, unclogging drains, working in mines, or fighting “Equality isn’t selective. You can’t demand inclusion where it’s convenient and retreat to gender roles when it’s not. True equality carries both privilege and burden; not just the parts that feel good,” an X Here are more reactions. Strongly agree https://t.co/bCpOz844Kw pic.twitter.com/IsUtsq2vPB— Àró Oloye Lambo ⚡ (@aro_tm) October 27, 2025 If the UN wants to hire women, they should start with this job.#UnitedNation https://t.co/IqyE7Yxfm9 pic.twitter.com/lDnKJ9znlb— Shivam Mishra (@Shivam29298) October 28, 2025 Funny how this always means office jobs and not this. https://t.co/WFOqCW7JuZ pic.twitter.com/awYBmRsCmg— Josh Ferme (@JoshFerme) October 27, 2025 I no fit offload cement o😩 https://t.co/GUbHNgqOU2— MumZee✨🇳🇬 (@_DebbieOA) October 28, 2025 https://t.co/K1UDc4X8xc pic.twitter.com/yfc4yP2Dr7— Muhammad Yaasiin (@Hajjyass70) October 28, 2025 Yes!!!!I don’t know why society excludes women from jobs like Coal Miners and Underground Mining, Loggers, Underwater Welders, High-Voltage Line Construction Workers, masonry, Deep-Sea fishing, Septic Tank and Sewer System Installers. That’s not fair and we must do better. https://t.co/f6SPXqEfVK— Emmanuel Brempong Akosah (@TheAkosahEmma) October 27, 2025 I raise you..... https://t.co/6izPOBjhTu pic.twitter.com/KwgyW74h8y— 喜びの少年。 (@_GreatnessTupu) October 27, 2025 There is no such thing as EQUALITY, what we can have is EQUITY https://t.co/gaizMt9hmi pic.twitter.com/6VLRPCuKup— ADÀMIMÒGO (@saliu_ayomide1) October 28, 2025 Click to signup for FREE news updates, latest information and hottest gists everyday

Unknown 21 hours ago

Technology

3 Unstoppable Vanguard ETFs to Buy Even if There's a Stock Market Sell-Off in 2026

There's no doubt the bull market over the last couple of years has been impressive. Yet at this point, the S&P 500 index (SNPINDEX: ^GSPC) is flirting with all-time highs, and some investors might be leery of jumping into stocks. The thing is, for most investors, it is better to start investing (and keep investing) than it is to try to time the market's ups and downs. Which is why these three low-cost Vanguard exchange-traded funds (ETFs) might be the right choice for you even if there's a sell-off in 2026. 1. Vanguard Total Stock Market ETF When most investors refer to "the market" they are thinking about the S&P 500 index, which you can own if you buy Vanguard S&P 500 ETF (VOO 0.88%). But the truth is, that's a committee-selected portfolio of roughly 500 stocks that are meant to be representative of the U.S. economy. It's not a bad proxy, but if you really want to own "the market," Vanguard Total Stock Market ETF (VTI 0.98%) is a better choice. Without getting into the details, it basically buys every U.S. stock using a market-cap-weighting approach. Vanguard Total Stock Market ETF is ultra-cheap to own, with an expense ratio of 0.03%. And the performance you get will be, well, the actual market's performance. To be fair, Vanguard Total Stock Market ETF has the same overweight in technology as the S&P 500 and it also has a heavy weighting in Nvidia, Apple, and Microsoft. But with over 3,500 stocks in the portfolio, you are getting a whole lot more exposure to the market than you would get with the 500 stocks in the S&P 500 index. 2. Vanguard Total International Stock ETF The United States is a very important country in the world, economically speaking, but it isn't the only country. Which is why you'll probably want to pair Vanguard Total Stock Market ETF with Vanguard Total International Stock ETF (VXUS 0.52%). Minus the nitty-gritty details, this exchange-traded fund buys all investable stocks from non-U.S. companies. The expense ratio is a reasonable 0.05%, noting that it is far more costly to operate across different countries than it is to just invest in the U.S. market. This fund's portfolio contains around 8,700 stocks. Europe is the largest weighting at nearly 38% of the portfolio. Emerging markets account for nearly 28%. And Asia comes in third at about 25% of the portfolio. When you pair Vanguard Total International Stock ETF with Vanguard Total Stock Market ETF, you create a highly diversified equity basket. And you get to control just how much non-U.S. exposure you want in your portfolio. 3. Vanguard Total Bond Market ETF To fully round things out here, you need some bonds. A solid option on that front is Vanguard Total Bond Market ETF (BND 0.20%). This ETF buys high-quality, taxable U.S. bonds and has an expense ratio of 0.03%. You could get fancy and try to buy foreign bonds, too. But bonds are a very complex investment and it is probably best to err on the side of caution. Sticking to an economically stable country with strong regulations and financial transparency is likely to be a net win. That's particularly true given that bonds are generally used to provide stability to a portfolio when using an asset allocation framework. The two Vanguard stock ETFs are the exciting growth stories. The bond ETF you buy should, almost literally, lull you to sleep. Putting it all together The idea here is to build a three-ETF portfolio that you can buy and keep buying through thick and thin. Sometimes U.S. stocks will outperform; sometimes they will underperform. The same is true of foreign stocks and even bonds. The goal is to spread your eggs across multiple baskets so you don't get too heavily weighted in any one investment. Wall Street wisdom has long suggested that a 60% stock and 40% bond portfolio is a good starting point. Add more to stocks if you are younger and more aggressive; up the bond component if you are older and have a lower risk appetite. As for the U.S./foreign stock split, it probably makes sense to go heavier in the U.S., but an equal split wouldn't be unreasonable, either. Once you have your asset allocation set among these three ETFs, rebalance it once a year. And every five years or so, revisit your allocation to make sure it remains suitable for your age and risk tolerance levels. What happens in 2026 doesn't matter nearly as much as what happens over the next several decades, so you can rest a little easier knowing you are building a portfolio meant to weather whatever comes its way.

Reuben Gregg Brewer 21 hours ago

Technology

Pentagon preps 23,500 troops for US cities — fears grow of major civil unrest

Global Desk The Pentagon has ordered thousands of National Guard troops in the country to undergo civil unrest training in the coming months, indicating that the Trump administration’s strategy to use military forces in U.S. cities might be transitioning from rare to routine practice.As per the internal Defense Department documents, a recently created “quick reaction force” will be trained, equipped with riot-control gear, and ready for activation by January 1. Almost 200 troops will arrive from Guard units that normally concentrate on disaster response, like nuclear or terrorist situations.Another branch, the long-standing National Guard Reaction Force, is anticipated to complete similar training by April 1, developing to 23,500 troops in all states and territories (excluding D.C.). Most states will offer nearly 500 personnel each. Previously, these forces managed disaster relief, not active urban deployments.A defense official, talking anonymously, stated that the Pentagon is “revising plans for the employment of [National Guard Reaction Forces] to guarantee their ability to assist federal, state and local law enforcement in quelling civil disturbances.”Live EventsPresident Donald Trump has defended the deployments as an attempt to restore order in cities battling with unrest and crime, stating during a speech in Japan:“We have cities that are troubled, we can’t have cities that are troubled. And we’re sending in our National Guard, and if we need more than the National Guard, we’ll send more than the National Guard, because we’re going to have safe cities.”Later, he said to reporters,“The courts wouldn’t get involved. Nobody would get involved. And I could send the Army, Navy, Air Force, Marines. I could send anybody I wanted.”Legal challenges have emerged in many states, with Democratic governors opposing the federal deployments. The Supreme Court has requested extra briefs in regard to Trump’s authority to utilize troops to Chicago, while a federal appeals court is reconsidering whether he can send Guard forces to Portland, Oregon.Critics warn that the expanded operations could blur the lines between military defense and domestic law enforcement.“They are increasing their ability to mobilize National Guard forces, federalize them and use them over the opposition of localities and governors,” said Kori Schake, director of foreign and defense policy studies at the American Enterprise Institute.Pentagon planning documents reviewed earlier this year disclosed ambitions to make a “Domestic Civil Disturbance Quick Reaction Force”, that is efficient for immediate deployment nationwide to address unrest. Troops would be on standby continuously, divided between bases in Arizona and Alabama.The force, composed of personnel from the Chemical Biological Radiological Nuclear Assistance Support Element, would be prepared to mobilize within eight hours. Training will allegedly include the deployment of Tasers, pepper spray, and crowd-control tools.Some experts caution that the strategy represents a weakening of congressional oversight and could expand presidential power in ways that challenge the constitutional power.“They’re behaving like a parliament, not like a presidential system,” Schake added. “And it’s going to break the American order, our constitutional order, if Congress and governors can’t check executive power.”FAQs:What is the National Guard’s latest quick reaction force? It’s a specialized team of troops trained to respond immediately to civil unrest and emergencies in the United States.Why is the Pentagon increasing National Guard training? The aim is to prepare for possible large-scale domestic disturbances and strengthen response capabilities.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onPentagon National Guard trainingcivil unrest in US citiesTrump administration military deploymentquick reaction forceNational Guard Reaction Forcedomestic law enforcementmilitary response to protestsCongress oversight on militarypresidential power and militarypublic safety in cities (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onPentagon National Guard trainingcivil unrest in US citiesTrump administration military deploymentquick reaction forceNational Guard Reaction Forcedomestic law enforcementmilitary response to protestsCongress oversight on militarypresidential power and militarypublic safety in cities(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless

Advaita Suresh 21 hours ago

Technology

Donald Trump, Xi Jinping take a step toward trade thaw

PTIUS President Donald Trump, left, and Chinese President Xi Jinping, shake hands after their U.S.-China summit talk at Gimhae International Airport Jinping in Busan, South Korea. BUSAN: U.S. President Donald Trump said on Thursday he had agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing curbing the illicit fentanyl trade, resuming US soyabean purchases, and maintaining rare earth exports.The face-to-face meeting in the South Korean city of Busan - their first since 2019 - capped Trump's whirlwind Asia tour, during which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.According to Beijing, the deal also included a US pledge to delay for one year a new measure - opposed by China - that would bar thousands of Chinese firms from accessing US technology if partly owned by sanctioned companies."It was an amazing meeting," Trump told reporters aboard Air Force One, calling the talks a "12 out of 10." He said tariffs on Chinese imports would be reduced to 47% from 57%, by halving to 10% the rate on goods linked to fentanyl precursor chemicals.Trump said Xi had vowed to work "very hard to stop the flow" of fentanyl, the deadly synthetic opioid driving US overdose deaths. China's commerce ministry said it would pause recently unveiled export controls on rare earths - key minerals used in cars, planes, and weapons - for one year.Live EventsTrump added that China would buy U.S. oil and gas, while Bessent noted Xi had expressed interest in a new US pipeline being developed in Alaska, though details were scant.Washington, meanwhile, will suspend for one year new Entity List restrictions and measures targeting China's maritime logistics and shipbuilding sectors, Bessent said. Trade experts said the deal provided a temporary reprieve from escalating tensions but warned it fell short of a lasting solution."The tariff cut in exchange for a promised fentanyl crackdown buys temporary calm - not a structural reset," said Craig Singleton of the Foundation for Defense of Democracies.Muted market reactionGlobal markets showed little reaction to the Busan summit. Major Asian indexes and European futures fluctuated between small gains and losses, while U.S. soybean futures weakened slightly.US Senate Democratic leader Chuck Schumer dismissed Trump's announcement, posting on X that "Trump folded on China."The cordial meeting at a South Korean air base, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum, lasted about 90 minutes.Xi told Trump it was normal for the two countries to have frictions, adding that "China's development and rejuvenation are not incompatible with President Trump's goal of 'Making America Great Again'." The two sides also agreed to pause tit-for-tat port fees on shipping. Trump later said China would begin purchasing US energy, hinting at a major deal tied to the proposed $44-billion Alaska LNG project.Trump said he plans to visit China in April before hosting Xi in the United States. Chinese state media framed the meeting as a victory for Xi's leadership, quoting him as saying Beijing had "the confidence and capability to navigate all kinds of risks and challenges."The deal largely resets relations to their status before Trump's "Liberation Day" tariff offensive in April, leaving only Brazil and India still subject to higher duties. However, analysts cautioned the truce remains fragile. Trump said he did not discuss Nvidia's Blackwell AI chip or Taiwan - two flashpoints in US.-China relations.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News ondonald trumpxi jinpingus tariffsfentanylbessent (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News ondonald trumpxi jinpingus tariffsfentanylbessent(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless Explore More Stories123

Martin Shwenk Leade 21 hours ago

Technology

Halloween 2025: Are U.S Stock Market, S&P 500, Dow Jones, Nasdaq open? Full list of Federal Holidays

ReutersU.S. Stock Market on Halloween 2025. Halloween 2025 is here and this year the festival is set to be celebrated on Friday, October 31. Now the question is whether U.S. Stock Market indexes -- S&P 500, Dow Jones, Nasdaq -- will remain open or closed on the day of Halloween.To understand it, we need to know whether Halloween 2025 is a federal holiday or not. The answer is no. Halloween 2025 is not a federal holiday.To become a federal holiday, a red letter day need to be recognized by the U.S. Government and federal employees get paid off. Apart from this, U.S. Congress and President of the United States must sign making it a federal holiday.On the Federal Holidays, New York Stock Exchange, Nasdaq remain closed. Since, Halloween is not a federal holiday, Wall Street will remain in operation.While Halloween 2025 is not a recognized 11 Federal holidays, here is the full list -Live EventsJanuary 1 - New Year's DayThird Monday in January - Birthday of Martin Luther King, JrThird Monday in February - Washington's Birthday also known as Presidents DayLast Monday in May - Memorial DayJune 19 - Juneteenth National Independence DayJuly 4 - Independence DayFirst Monday in September - Labor DaySecond Monday in October - Columbus Day/Indigenous People's DayNovember 11 - Veterans DayFourth Thursday in November - Thanksgiving DayDecember 25 - Christmas DayFAQsQ1. When is Halloween 2025?A1. Halloween 2025 is on Friday, October 31.Q2. Is U.S. Stock Market open or not on Halloween 2025?A2. U.S. Stock Market will open on Halloween 2025.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onIs Halloween a holiday in the USHalloween 2025 dateHalloween 2025Halloween 2025 in U.SHalloween 2025 holiday (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onIs Halloween a holiday in the USHalloween 2025 dateHalloween 2025Halloween 2025 in U.SHalloween 2025 holiday(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless Explore More Stories123

Are U.s Stock 21 hours ago

Business

Honda 125 zero markup installment plan with monthly as low as Rs9,500

KARACHI – With bike prices at an all-time high, many Pakistanis are feeling the pinch while trying to get a new ride. We got an Easy Payment plan for Honda CG 125, making ownership more accessible than ever. The new plan offers 0% profit for the first six months and flexible installment options up to 48 months, allowing riders to spread payments comfortably while still enjoying the trusted performance of Honda CG 125. Monthly installments start from just Rs. 9,592, providing significant financial relief to buyers. Starting monthly installments is Rs. 9,592 with 0% profit for first 6 months. The plan includes Flexible tenure options up to 48 months Honda 125 Installments 2025 In a market where high prices are making new bikes hard to afford, Faysal Bank’s Smooth Ride Easy Payment plan ensures riders can own their dream bike without breaking the bank. Honda Bikes Rates 2025

Web Desk lahore 21 hours ago

Technology

San Ramon property sale: Three-bedroom home sells for $2 million

The spacious property in the 2000 block of Canyon Crest Avenue in San Ramon was sold on Sept. 12, 2025 for $1,950,000 which represents a price per square foot of $695. The house, built in 1989, has an interior space of 2,804 square feet. The layout of this two-story home includes three bedrooms and three baths. The property is equipped with central A/C. In addition, the house provides two parking spots, granting ample parking space for two vehicles. Situated on a spacious 8,000-square-foot lot, the unit offers ample outdoor space along with the added bonus of a pool. These nearby houses have also recently been sold: A 2,452-square-foot home on the 400 block of Donner Way in San Ramon sold in May 2025 for $1,300,000, a price per square foot of $530. The home has 3 bedrooms and 3 bathrooms. In April 2025, a 2,444-square-foot home on the 5000 block of Canyon Crest Drive in San Ramon sold for $1,980,000, a price per square foot of $810. The home has 3 bedrooms and 2 bathrooms. On Lilac Ridge Road, San Ramon, in San Ramon in May 2025, a 1,971-square-foot home was sold for $1,810,000, a price per square foot of $918. The home has 3 bedrooms and 3 bathrooms. This article was generated by the Bay Area Home Report Bot, software that analyzes home sales or other data and creates an article based on a template created by humans. Our real estate data comes from public records that have been registered and digitized by local county offices. You can report errors or bugs to content@bayareanewsgroup.com.

Bay Area Home Report 21 hours ago

Technology

Lower Disaster Losses for Insurers Won’t Add Up to Lower Rates for Homeowners | Insurify

Insurers lost less money paying disaster claims in 2025, but homeowners hoping that calm weather will lessen their insurance bills are going to be disappointed. Insurers chalked up the lowest third-quarter catastrophe losses in nearly two decades. But homeowners remain at the vortex of the world’s insurance pain. Severe weather events, wildfire risk, and regional exposures continue to push premiums higher. The Gallagher Re Q3 2025 Natural Catastrophe and Climate Report shows global economic losses at $214 billion, way below the 10-year average of $338 billion. Insured losses dropped to $105 billion, the lowest since 2019. July to September was “one of the least expensive Q3s since 2000,” the Gallagher Re analysis said, due to fewer major events. So globally, insurers got a breather despite this being the sixth straight year that catastrophe losses topped $1 billion. The benefits, though, didn’t extend to U.S. homeowners. Why the calm won’t cut homeowner costs The drop in losses appears to be due mostly to luck and timing, not a major shift in global climate risk. The third quarter is typically the costliest three-month period of the year for insurers because it’s the season for Atlantic hurricanes and Pacific typhoons. Even with calm weather, the U.S. made up 86% of global insured catastrophe losses year to date, mainly from severe storms and California wildfires. The Palisades and Eaton wildfires alone caused $40 billion in insured losses. So-called “secondary perils” now shape the insurance market, the Gallagher Re report said. Such perils include hail, wildfires, flash flooding, and extreme heat. The more than 30 U.S. storms that have each caused more than $500 million in insured damage this year demonstrate the price of secondary perils. Scientists noted that while 2025 won’t end as the warmest year on record, it’ll still finish as the second- or third-warmest year. This reinforces that the underlying risk environment hasn’t changed; only this season’s outcomes have. Thus, premiums aren’t dropping. Even quiet years don’t help when U.S. losses keep hitting the same ZIP codes. Though the rate of premium increases has slowed, Insurify projected the annual cost of home insurance will increase 8% by the end of the year to a national average of $3,520. This compares favorably to 20% average premium increases over the last two years. Yet severe weather is still the primary factor behind the increases as insurers seek to recoup losses from previous storm-plagued years. And the country may not be out of the woods yet with stormy weather. The National Oceanic and Atmospheric Administration (NOAA) confirmed La Niña’s arrival this year, bringing a risk of volatile storms, stronger tornado seasons, and possible late hurricanes. So, 2025’s calm in quarter three may be a rare exception. “A single $115 billion disaster — above expected annual catastrophe losses — would be enough to meaningfully impact the industry,” the report noted, underscoring that the margin for error is thin. Severe convective storms alone produced about $61 billion in U.S. economic losses through the third quarter, the report said. Heat-related risks are growing, and wildfire seasons are getting longer. What’s next? Actions for homeowners to save While global disaster losses have fallen, insurance rates for homeowners remain largely unchanged. To save money on home insurance premiums, the Insurance Institute for Business and Home Safety and the National Association of Insurance Commissioners recommend that homeowners shop for new policies early, bundle coverages, and raise their deductibles, if doing so is affordable. Adding flood coverage can also make sense in many areas, including even some away from the coast. Realted articles

Unknown 21 hours ago

Technology

Reagan's 'once-mythic legacy' has been 'toppled' by a 'shallow demagogue': analyst

President Donald Trump's "temper tantrum" over a Canadian ad using the actual words of Ronald Reagan criticizing tariffs illustrates how "MAGA has turned away from Reagan’s once-mythic legacy," according to Salon's Heather Digby Parton. When it comes to former President Reagan, some Americans still remain nostalgic, she writes — but only one particular group. "For a certain swath of Americans old enough to remember his optimism and storytelling — and to ignore the extensive damage he did to the country — hearing his voice doubtless carries them back to a gentler time," she says. But Trump, recognizing the ad's power, she writes, ranted against it on his Truth Social and "was so mad he slapped an additional 10 percent tariff on Canadian goods, which came on top of the 35 percent he had already imposed. He also declared the bilateral trade talks over." Some small businesses retaliated to this in a lawsuit claiming by imposing these tariffs, "the president exceeded his authority under the International Emergency Economic Powers Act (IEEPA)," Digby Parton says. In August, the administration lost the case in the U.S. Court of Appeals for the Federal Circuit, but, she explains, "they temporarily stayed the decision pending the Supreme Court appeal, which was accepted by the justices with lightning speed." "Trump’s notion that, without Ontario’s ad, the Supreme Court justices wouldn’t know about Reagan’s free trade philosophy is unintentionally hilarious," she says, noting that Justices John Roberts, Clarence Thomas and Samuel Alito all worked in the Reagan administration. Trump, notes Digby Parton, knows of the importance of Reagan's appeal to his base — or at least, his former appeal. "Trump is well aware of how Reagan was long held up as something of a god among Republicans, and Trump himself went to great lengths to suck up to him when he was president, albeit to little avail," she writes, referring to a 2017GQ article titled "Donald Trump Loves Ronald Reagan, Even Though Reagan Never Liked Him Back." And while the New York Times confirmed the accuracy of the Canadian ad and its use of Reagan's speech, the reaction to it by the Reagan Foundation, which oversees the former president’s library, following Trump's tantrum was, Digby Parton notes, "startling." "You would think that they, of all people, would be so protective of Reagan’s legacy and insist upon his beliefs being portrayed truthfully," she writes. "Instead the foundation raised a big stink, saying they hadn’t given permission to the admakers to use excerpts of the speech — which was in the public domain, so they had no say in the matter — and insisting that it misrepresented him," she explains. That startling reaction is confounding and Digby Parton questions its origins. "Either its board has gone so MAGA that they have been deluded into believing the man they purport to honor and defend was a big tariff-lover, or they are so terrified of Trump that they betrayed Reagan’s legacy in hopes of appeasing the president," she muses. Whatever the reason may be, it appears that most of Trump's base has, along with their leader, abandoned Reagan. "It now appears that most of Trump’s followers have left Ronald Reagan and what he stood for behind. They no longer have any interest in or loyalty to the conservative movement he helped create. Its remains are mere artifacts of what has come to seem like an ancient civilization," she writes. After Reagan was gone, she writes, conservatives "worked to secure the movement’s enduring power by consciously turning Reagan into a mythic figure whose ideas would live on in perpetuity." That perpetuity seems to have been canceled, she says, thanks to Trump. "Now, less than a decade after Trump was first inaugurated president in 2017, most of it is lying in rubble," she writes. "Seeing a movement that was as vibrant as the conservative movement toppled so quickly by a shallow demagogue should give those who love democracy and human progress hope. If Ronald Reagan couldn’t go the distance, Donald Trump certainly can’t."

Lesley Abravanel 21 hours ago

Technology

Why Did GM Stock Suddenly Jump 20% Higher?

Over the past eight trading days, the share price of General Motors (GM 0.09%) has popped. The stock closed at $58 a share on Oct. 20, and by Oct. 29 it was just below $70. That's a gain of more than 20% in little more than a week. So, what's going on with the typically staid and boring automaker? Solid third-quarter results, which the company posted on Oct. 21, had a lot to do with it. The company posted earnings per share of $2.80 on revenue of $48.6 billion. Both figures beat Wall Street expectations. But perhaps just as important, GM management reassured investors that the company is making real progress in reducing tariff payments and is also adjusting well to the slowing demand for electric vehicles. The market has been concerned about the impact of tariffs and the sluggish EV business on GM's top and bottom lines. Strong demand for trucks and SUVs In addition, CEO Mary Barra told analysts on the earnings call last week that the company currently can't keep up with demand for full-size SUVs. As a result of strong demand for gas-powered trucks and SUVs, as well as curbed expenses, GM's management raised full-year 2025 guidance on adjusted earnings from a range of $10 billion to $12.5 billion to a higher range of $12 billion to $13 billion. That translates to adjusted earnings per share of as much as $10.50, when it previously expected $10 as its upper limit on EPS. And as we all know, in the long term, share prices follow earnings. Things are suddenly looking up for the American automaker, and investors are taking notice.

Matthew Benjamin 21 hours ago

Technology

Southern Co. Q3 2025 Earnings Call Transcript

Thursday, October 30, 2025 at 1 p.m. ET Call participants Chairman, President, and Chief Executive Officer — Christopher C. Womack Executive Vice President and Chief Financial Officer — David P. Poroch Need a quote from a Motley Fool analyst? Email [email protected]. The Southern Company (SO +1.25%) reported the following key results and developments for the quarter: Adjusted EPS -- $1.60 per share for 2025, which is $0.01 above estimate and $0.17 higher than in 2024. Year-to-date adjusted EPS -- Adjusted EPS was $3.76, up from $3.56 in the first nine months of 2024. Full-year guidance -- Management projects full-year adjusted EPS at the top end of the 2025 guidance range of $4.30 per share, based on year-to-date performance and a fourth quarter adjusted EPS estimate of $0.54 per share. Weather-normal retail electricity sales growth -- Year-to-date weather-normal retail electricity sales were 1.8% higher year-over-year in the first nine months of 2025. In the third quarter, the commercial sector grew 3.5% on a weather-normal basis compared to the prior year. Data center sales rose 17% in the third quarter. Residential sales increased 2.7%, bolstered by the addition of approximately twelve thousand new electric customers during the quarter. Industrial segment growth -- All major industrial customer segments, including primary metals, paper, and transportation, increased at least four percent year-over-year in the first three quarters of 2025. Large load contracts -- Four new contracts representing over two gigawatts of demand were signed in the past two months across Georgia and Alabama. Forward load growth pipeline -- Over fifty gigawatts of potential incremental load across electric subsidiaries projected by the mid-2030s. Contracts and commitments total seven gigawatts through 2029, ramping to eight gigawatts in the 2030s. Capital investment plan -- $76 billion planned through 2029. Cumulative equity need of $9 billion through 2029, with over $7 billion already secured or committed, including $1.8 billion of equity priced via ATM forward sales agreements since the last earnings call. Long-term credit quality objective -- Targeting 17% FFO to debt within the planning horizon to maintain or improve investment-grade ratings. David P. Poroch stated, "our path is getting closer to 17% And we see these qualitative factors and quantitative factors improving." Debt issuance -- $4 billion of long-term debt was issued in the third quarter across multiple subsidiaries. All 2025 long-term debt financing needs are now satisfied. Georgia Power base rate plan -- The rate freeze on base rates at Georgia Power has been extended through at least 2029, excluding storm-related costs. Generation expansion -- Georgia Power filed to secure ten gigawatts of new resources (five natural gas combined cycle units, eleven battery storage facilities), with a final regulatory decision expected by year-end. Asset acquisition and construction -- Alabama Power completed acquisition of the 900-megawatt Lindsay Hill facility. Construction continues on approximately two and a half gigawatts of generation assets in Georgia and Alabama, including three gas turbines and seven battery storage sites, all projected to go online over the next two years. Southern Natural Gas expansion -- South System 4 project moving forward, totaling a $3 billion investment with Southern Company Gas holding a 50% interest. Tolling agreement renewals -- Southern Power has 95% of assets contracted through 2029. Two new PPAs secured at "almost three times" current pricing, effective early 2030s, according to David P. Poroch. Economic development -- Twenty-two companies announced projects in the quarter, generating nearly five thousand potential jobs in the third quarter and approximately $2.8 billion in expected capital investment. Large load pipeline maturity -- Management indicates advanced negotiations for approximately twelve gigawatts of additional large load commitments beyond current contracts. Upcoming guidance update -- Christopher C. Womack stated, "Consistent with our past practice, and representative of our continued discipline, we expect to provide a complete update to our long-term plan during our fourth quarter 2025 earnings call this coming February. As always, this update will include refreshes to our five-year capital investment outlook, sales forecast, and financing plans, as well as our 2026 and long-term EPS guidance." Executed large-load contracts now underpin a significant portion of forecasted electric sales growth through 2029, with Georgia Power projected to average twelve percent annual electric sales growth through 2029. The company clarified that 95% of Southern Power’s portfolio is under long-term contracts through 2029, and new agreements reflect a notably higher pricing environment. Regulatory proceedings in Georgia seek approval for ten gigawatts of new generation, supporting capacity needs aligned with the growing data center and industrial pipeline, with a final determination by the commission scheduled by the end of 2025. Alabama and Georgia are seeing both newbuild and expansion projects in gas and battery storage, matched to the established ramp-up schedule. The utility stated it has met all debt financing needs for 2025 and described ongoing progress toward addressing its $9 billion equity requirement through 2029, primarily through forward equity instruments and hybrid securities. Management affirmed credit quality remains a strategic priority and linked continued proactive capital planning to its commitment to maintaining investment-grade ratings. Christopher C. Womack emphasized contract structures that ensure "Minimum bills cover all of our costs, whether or not the meter spins." David P. Poroch explained that incremental capital needs from regulatory approval in Georgia could add about $4 billion, financed at approximately 40% equity. Management expects "to provide additional clarity on our long-term earnings trajectory," with the possibility of rebasing EPS growth as early as 2027. The company achieved recognition as Newsweek’s highest-ranked U.S. energy company on the World’s Most Trustworthy Companies 2025 list. In response to investor questions, management stated it is "not in a position to make that decision at this point until we find ways to make sure all risks are mitigated." The company described both greenfield and expansion projects across the customer portfolio, indicating diversity in load growth sources and ramp-up profiles. Industry glossary ATM (At-The-Market) program: A mechanism allowing a company to sell equity incrementally into the market, frequently using forward sales agreements, to raise capital efficiently as market conditions permit. FFO to debt: A credit metric representing Funds From Operations as a percentage of total debt, used by rating agencies to assess leverage and credit quality. PPA (Power Purchase Agreement): A long-term supply contract where the buyer agrees to purchase electricity at pre-negotiated terms and pricing, often supporting project financing. Load ramp: The scheduled increase in electricity demand associated with a new large customer contract as their facility becomes operational over time. RFP (Request For Proposal): A formal solicitation issued by a utility for competitive bids to provide new energy generation or capacity resources. Large load customer: An industrial, manufacturing, or data center client with significantly above-average power demand, often representing hundreds of megawatts to gigawatts of incremental load. Full Conference Call Transcript Christopher C. Womack: Thank you, Greg. And good afternoon to everyone. We thank you for joining us for today's update. The Southern Company continues to perform exceptionally well. As you can see from the materials that we released this morning, we reported strong adjusted earnings results for the third quarter, meaningfully above the estimate provided last quarter. And we expect to deliver on our financial objectives for 2025, and I have to say The Southern Company has an incredibly bright future ahead. Our state-regulated electric and gas utilities continue to provide long-term value to the more than 9 million customers across the Southeast and beyond with reliable and affordable energy. Vertically integrated markets in which our electric utilities operate continue to provide transparent and orderly processes and have consistently supported our ability to meet the needs of our growing economies' electric demand while providing premier reliability and resilient service day in and day out. We've done all of this while keeping customers' rates more than 10% below the national average. Further, the rate plan extension at Georgia Power, which freezes base rates until at least 2029, excluding the recovery of storm-related costs, is a testament to the benefits of a constructive regulatory framework and our focus on balancing growth and affordability. Customers continue to be at the center of everything we do. Our focus on the customer underpins our disciplined approach to forecasting, pricing, contracting, and deploying resources to serve this once-in-a-generation growth opportunity. We continue to execute on those plans for the benefits of all of our customers. Over the last two months, we have four contracts with large low customers across Georgia and Alabama representing over two gigawatts of demand. Consistent with our approach across The Southern Company, these contracts include pricing and terms that are designed to pay for the incremental cost to serve new customer demand while also benefiting and protecting existing customers, helping to ensure growth does not come at the expense of affordability. I will now turn the call over to David to give an update on our financial performance. David P. Poroch: Thanks, Chris. And good afternoon, everyone. For 2025, our adjusted EPS was $1.60 per share, $0.01 above our estimate and $0.17 higher than 2024. The primary drivers for our performance for the quarter compared to last year were continued investment in our state-regulated utilities along with strong customer growth and increased customer usage. These positive drivers were partially offset by milder than normal year-over-year weather, higher depreciation and amortization, and higher interest costs. For the nine months ended September 30, 2025, our adjusted EPS was $3.76 compared to adjusted earnings of $3.56 for the same period in 2024. Year-to-date, revenue grew at our state-regulated electrics, partially influenced by customer growth and higher usage, which has added $0.12 year-over-year. A complete reconciliation of year-over-year earnings is included in the materials we released this morning. Our adjusted EPS estimate for the fourth quarter is $0.54 per share, which combined with our year-to-date performance would represent full-year adjusted earnings at the top of our 2025 annual guidance range of $4.30 per share. Turning now to retail electricity sales, year-to-date weather-normal retail electricity sales were 1.8% higher compared to 2024. Year-over-year weather-normal retail electricity sales, which are on pace for the highest annual increase since 2010, excluding the pandemic, demonstrate growth across all three customer classes. In the third quarter alone, the commercial sector grew 3.5% on a weather-normal basis compared to 2024. This growth was driven partially by increased sales to existing and new customers and new data centers, which were up 17%. Weather-normal residential sales also showed strong growth and were 2.7% higher than in 2024, bolstered by the addition of roughly 12,000 new electric customers in the quarter, substantially higher than historical trends. Electricity sales to individual customers also demonstrated continued strength, growing 1.5% in the quarter compared to the prior year. Year-to-date, all of our largest industrial customer segments are up year-over-year, including primary metals, paper, and transportation segments, which were each up 4% or higher through the first three quarters. Economic development activity across our electric service territories remains robust, with 22 companies making announcements to either establish or expand operations in our service territories during the third quarter, generating nearly 5,000 potential new jobs and representing expected capital investments totaling approximately $2.8 billion. Clearly, between robust customer growth, increasing customer usage in the commercial and industrial segments, and the flourishing economic development activity in our service territories, the economy in the Southeast remains strong and extremely well-positioned. Transitioning to our financing, I'd like to take an update on our activities for the quarter, including the progress made addressing our future equity needs. During the third quarter, we issued $4 billion of long-term debt across Alabama Power, Georgia Power, Southern Company Gas, and Southern Power. The quality and credit strength of our subsidiaries continue to draw robust investor interest. Strong demand for our subsidiary securities ultimately translates into lower interest costs, which will provide benefits to customers and our regulated subsidiaries over the long term. With these issuances, combined with what we issued in the first half of the year, we have fully satisfied our long-term debt financing needs for 2025 at each of our subsidiaries. On the equity financing front, we continue to be opportunistic in our proactive approach and have made significant progress on our plans to source equity in a disciplined, credit-supportive manner. This approach reflects our steadfast commitment to credit quality, including our strong investment-grade credit ratings across all three major rating agencies. We plan to continue utilizing equity or equity equivalents in support of our path towards 17% FFO to debt within our planning horizon. Recall this long-term credit quality objective is intended to provide cushion to the quantitative credit metric targets provided by the rating agencies. As a reminder, on our July earnings call, we highlighted a cumulative equity need of $9 billion through 2029 to fund our $76 billion capital investment plan in a credit-supportive manner. Since our last earnings call, we priced an additional $1.8 billion of equity through forward sales agreements under our at-the-market or ATM program. These forward equity contracts contain final settlement dates that extend through mid-2027, with the ability to call sooner if we choose. This progress and the flexibility it provides significantly reduce risk in financing plans. Considering these ATM forward sales, other hybrid security issuances, and past and projected issuances under our internal equity plans, we have solidified over $7 billion of our $9 billion equity need through 2029. We are extremely well-positioned to address the remaining amounts in a shareholder-friendly manner. Looking ahead, and as we continue to take steps to require strong customer protections and credit provisions, our pipeline of large load data centers and manufacturers continues to be robust. Across our electric subsidiaries, the total pipeline remains more than 50 gigawatts of potential incremental load by the mid-2030s. Recall that our disciplined approach to forecasting assumes that only a fraction of this load pipeline materializes. As Chris mentioned earlier, in just the last two months, we have four contracts across The Southern Company system that represent over two gigawatts of load. As you can see, projects within our pipeline are maturing into executed contracts, which, along with their associated load ramps over the next several years, solidifies a substantial portion of our total forecasted electric sales growth of 8% annually through 2029, including average annual growth at Georgia Power of 12% through the same period. Across Alabama, Georgia, and Mississippi, we now have contracts in place with large load customers representing seven gigawatts through 2029, which ultimately ramp to eight gigawatts in the 2030s, and we are in advanced discussions for several more gigawatts of load. I'll now turn the call back over to Chris for further insights into the progress we are making on our plans. Christopher C. Womack: Thank you, David. As David noted, we have made great progress with signing new large load contracts. Just last month, as a part of Georgia Power's ongoing RFP certification proceedings, Georgia Power filed an update to its load forecast. This updated forecast continues to project the capacity need consistent with the 10 gigawatts of capacity resources being requested, which include five natural gas combined cycle units and 11 battery energy storage facilities. These proceedings are scheduled to have a final determination by the commission by the end of this year. Separately, Alabama Power, with approvals from the Alabama Public Service Commission and the Federal Energy Regulatory Commission, has completed the acquisition of the 900-megawatt Lindsay Hill natural gas generating facility to serve projected long-term capacity needs in the state. In addition, construction continues on approximately two and a half gigawatts of new generation in both Georgia and Alabama, which includes three natural gas combustion turbines and seven battery storage facilities, all of which are projected to go online over the next two years. Further, the South System 4 expansion at Southern Natural Gas within our Southern Company Gas subsidiary continues to move forward and will provide a valuable resource in serving the projected growth in our service territories. It is clear that we continue to make great progress executing on our plan as we deliver exceptional value to customers and investors. Consistent with our past practice, and representative of our continued discipline, we expect to provide a complete update to our long-term plan during our fourth quarter 2025 earnings call this coming February. As always, this update will include refreshes to our five-year capital investment outlook, sales forecast, and financing plans, as well as our 2026 and long-term EPS guidance. Consistent with our comments throughout 2025, as a part of that communication, we expect to provide additional clarity on our long-term earnings trajectory, which, as we've highlighted before, could translate into an increase in the base from where our long-term EPS growth starts, which could be potentially as early as 2027. We have delivered exceptional operational and solid financial results in the first three quarters of the year. Just this week, The Southern Company was named to Newsweek's World's Most Trustworthy Companies for 2025 list and was the highest-ranked energy company in The United States on that list. Recognized companies were identified in an independent survey, and our inclusion at the top of this list is a testament to the hard work and unwavering commitment of our employees to uphold our values and operate each day at the highest standards of integrity, transparency, and accountability. We are honored by this recognition, and I'm incredibly proud of our team and the execution across all of our businesses. In conclusion, we're extraordinarily well-positioned to finish the year strong. We have the team, we have the experience, and the scale to capture and execute on the exciting opportunities in front of us. We really have a bright, exciting future ahead. Operator? We're now ready to take questions. Diego: Thank you. And at this time, we will conduct our question and answer session. Please lift your handset before pressing the star. And our first question comes from Steven Isaac Fleishman with Wolfe Research. Please state your question. Steven Isaac Fleishman: Hey, Steve. Hey, Steve. Diego: Hi. I have no idea how I got on the list for questions because I didn't ask one, but I appreciate that. You want So I will say hello and all good. David P. Poroch: Didn't have any questions. Steven Isaac Fleishman: Thanks, Dave. Thank you. Diego: Thank you. And your next question comes from Carly S. Davenport with Goldman Sachs. Please state your question. Carly S. Davenport: Good afternoon. Thanks for taking hey, thanks so much for taking my question. Maybe to start just on the kind of load growth outlook in Georgia. I guess as you continue to lock in contracts under the new tariff structure there, can you talk a little bit about the reception from customers to the new structure and also how you approach the minimum bill and ensure cost recovery from investments to support that load? Christopher C. Womack: Yes, sure. Hey, Carly. Thanks. Great question. Like we talked about, we've moved into a mode working underneath the, at least at Georgia, working underneath the Georgia Public Service Commission new rules that came into place in the spring. And you know, what we're finding is customers totally get it. They understand that these are long-term commitments that we are making to deploy resources to serve their needs and think these rules have really helped bring the more credit quality, more serious counterparties up to the front of the line and we've just made great strides in structuring these contracts. And, you know, what these contracts, the ones that we've signed now have brought to the table are great protections for customers and our investors. Minimum bills cover all of our costs, whether or not the meter spins. And once they hit their ramps and they start moving up, it's just very beneficial for the company and for our customers. So we're really happy with the education effort that we've been able to accomplish over the past year. And that's kind of the indicator as to why to some extent, these contracts have taken a minute to get resolved. Just because we're taking them along the journey of the structure and the need to be able to protect customers going forward through these contracts. Carly S. Davenport: Great. Really helpful. Thank you. And then maybe the follow-up just on the Georgia regulatory environment just with the upcoming certifications and potential for incremental needs on the generation side. For approval. How are you thinking about potential impacts from the PSC elect and those processes as you think about the longer-term plan? Christopher C. Womack: Yeah. Carly, let's start with the election question first. Elections in Georgia for the two commission seats, they will be held next Tuesday. We've had a couple weeks of early voting. I mean, one of the things we talk a lot about in all of our states is that we have an incredibly long history of working constructively with whomever is in those seats. And the five seats that are occupied in Georgia, they all they've always brought different views and perspectives. And so we expect that to will in fact be the same. And so we'll work with whomever is there. And as those positions are filled, I mean, they keep the citizens in mind as well as we keep our customers in mind. So we have a lot of alignment there. So we've always constructed the work with whomever has been elected in those seats. You wanna take that for David P. Poroch: And, Carly, you asked about status and kinda where we are. Recall that in September, Georgia Power filed an updated load forecast and testimony and that load forecast, you know, using the same methodologies as several months ago, discounting forecasted load and risk adjusting that. Supported the need for the whole 10 gigawatts that we're requesting. And that process is ongoing. So we're gonna have staff and other interveners file their testimony in the next couple of weeks, I think. And we're scheduled to get a ruling from the commission. I think it's December 19, latter part of December. But all that should be wrapped up and we'll see the results before year-end. Carly S. Davenport: Great. Appreciate all the color. Thank you. Christopher C. Womack: Thank you. Diego: Your next question comes from Julien Patrick Dumoulin-Smith with Jefferies. Please state your question. Julien Patrick Dumoulin-Smith: Hi, Julien. Hi, good morning. Good afternoon, team. Thank you guys very much for the time. I appreciate it. Christopher C. Womack: Hey. Thank you, man. If it's still hey. Julien Patrick Dumoulin-Smith: Absolutely. Chris, can we talk about the rebasing? You use the same language again about as early as 2027. that you're looking at whether it's operational or regulatory or just frankly incremental you know, signed dataset deals. To get you comfortable to make it more of a firmer timeline for that rebasing. Any thoughts that you'd observe here on how you're thinking about that timeline? Christopher C. Womack: Julien, I mean, I think we said I mean, there's not kind of an exact list. I mean, there are a lot of things that we're gonna look at to make that decision. I mean, how's the economy performing? What's happening with interest rates? I mean, where are we with large load contracts? I mean, just a number of factors, I think, that has to go into that consideration to give us the confidence and certainty to make that kind of decision. And so, I mean, as we said before, I mean, clearly, a lot more meat on the bone in terms of where we are and how that decision needs to be made. But, yeah, I mean, that's something we'll work through and we'll give you more clarity on that in our February call. Next year. Julien Patrick Dumoulin-Smith: Awesome. Excellent. And a little bit more of a nitpicky question. The $9 billion equity you guys talked about here a second ago. In theory, if you were to get this, incremental $5 billion, how do you think about that being reflected in that 9? David P. Poroch: The upside that we've discussed in the second quarter call, Julien, you mean? Julien Patrick Dumoulin-Smith: Yeah. Is that's all in there. Right? David P. Poroch: Yeah. So in the 9 No. Actually, the upside to the extent that the Georgia Public Service Commission approves all of our requests, had talked about that being about another $4 billion of incremental capital. And that's likely to be financed kind of in that neighborhood of about 40% equity going forward. So once we get clarity on that, we'll be able to execute on that plan. Julien Patrick Dumoulin-Smith: And there's a little rounding error there, right, between the four and the five with gas, I think it is? David P. Poroch: I understand? Yeah. That's right. The numbers. You're exactly right, Julian. The four relates specifically to the remainder request at the Georgia Public Service Commission. And we've talked about opportunities within our FERC regulated jurisdictions in the gas infrastructure business, and that's about $1 billion. So you're exactly on point. Julien Patrick Dumoulin-Smith: Alright. Awesome, guys. Thank you very much. I'll turn it over there. David P. Poroch: Thank you. Okay, man. Diego: Next question comes from Shar Pourreza with Wells Fargo. Please state your question. Shar Pourreza: Hey, Shar. Hey, guys. Hey, Shar. Guys. How you doing, man? Christopher C. Womack: Oh, not too bad. Not too bad. Thanks, Chris. So just real quick on the magician shift gears to Southern Power. Mean, there is a lot of opportunities there and you've got existing tolling agreements. That start to expire. I guess what I guess is there how do we think about just the assets, the value of the assets the pricing environment, have conversations started? And is there opportunities to renegotiate these tolls ahead of the expirations just given the value of the assets? David P. Poroch: Yes. So like we've talked about, we've got a very large portion of these contracts under long-term of these assets under long-term contracts, about 95% or so through 2029. And you're absolutely right. There's where those opportunities exist, we're toward the end of those contracts, we'll start having some conversations to renegotiate those and renew those where appropriate. And when we're looking at a couple of live data points, right, in our in the RFP that was recently approved at in Georgia, Southern Power on a competitive bid basis won two PPAs that go into effect in the early 2030s. And those are repriced about two almost three times kind of where they sit today. So assuming that market holds, we see great opportunity out in the future as those contracts lay off then we can renegotiate those and recommit those assets in the future. Shar Pourreza: Got it. Okay. Perfect. And then just lastly, just obviously you guys talk about the amount of gas that's needed in the Southeast Just around the S and G pipeline expansion, any thoughts on timing there or how are the conversations going with the counterparties? Thanks. David P. Poroch: The SNG expansion is going well on track. I think we've talked about that being about a $3 billion investment, 100%. We're a 50% owner of that. And so that project is going as scheduled and we expect great interest in contracting that capacity. Pipe runs kind of, if you will, through our backyard, and we see that pipe being able to serve our needs as well as a number of other needs through the around the adjoining state. So looking forward to getting that project taken care of. Shar Pourreza: Okay. Perfect. And then just last, if I could just slip one quick one on the equity question. Chris, it's been obviously some pretty healthy transactions that have been done around partial asset sales. Some of your peers have done it. They have been successful. It's been accretive. But just want to get a sense on have you considered sort of other avenues versus these equity or equity-like instruments And even can subparts of Southern Power be opportunities there? Christopher C. Womack: We're just focusing on equity and equity-like. You know, Shar, you know, we don't comment on kind of speculative transactions or rumors or kind of these broad questions. You know, we're always looking to see who's the best owner of a given asset. And that's something that we'll always look around corners and make those kinds of decisions. And I think it's a little bit premature, But, yeah, I mean, that's something that, you know, we'll always give deep considerations to. And we like our cards. We like the portfolio that we have. But, I mean, there's something some things we'll always take a look at. Shar Pourreza: Perfect. I appreciate it, guys. Thanks so much. Diego: Okay. Your next question comes from Anthony Christopher Crowdell with Mizuho Securities. Please state your question. Anthony Christopher Crowdell: Hey. Good afternoon, team. What's going on? Hey. I'm beautiful. As good as you. Hey. Two easy ones. Two softballs. You talk about on the fourth quarter call, you're going give us a capital refresh. And I guess potentially an update on the EPS CAGR. And I think you mentioned that I don't want to put words your mouth about maybe talking about a base starting in 2027. My question is do we get 2020 will we also get 2027 guidance on the fourth quarter call. David P. Poroch: Anthony, we've been talking about this opportunity for a good little while. And as we've seen this kind of momentum around developing these contracts come to fruition, It is pretty unique and those contracts that we've talked about are kind of coming into play in the latter part of our planning horizon. So we do expect to be able share some clarity on that. Like Chris talked about, a lot of things are in the mix. And as we move forward in getting these contracts taken care of, we be able to share what that clarity looks like in February. Anthony Christopher Crowdell: Great. And then just last, question. I and I apologize if had the timing wrong. I believe from your from your last call to this call, I believe Moody's put, the holding company on a negative outlook. Your equity needs you had already announced before. Does that negative outlook or maybe changed if you have maybe pulling forward or the timing of that remainder $2 billion of equity? David P. Poroch: Yes. No. We've got We've got what we believe is a really good path to get towards 17% FFO to debt. And let's remember, fundamental belief at Southern that a premium equity starts with being a high-quality credit. And so it's important that we're going to retain these ratings that we have and we looked at be able to build cushion toward that 16% threshold. That's our downgrade threshold. So our path is getting closer to 17% And we see these qualitative factors and quantitative factors improving. The executing on the equity issuances is really encouraging bringing these contracts to fruition is encouraging. And we're just going to continue to be proactive and disciplined in this approach. And we're going to continue to share our progress with the rating agencies to make sure that they're aware of where we're getting or where we're going towards 17% over the planning horizon. Anthony Christopher Crowdell: Great. See you guys down at EEI. Awesome. Look forward to it. Thanks. Diego: Your next question comes from Jeremy Bryan Tonet with JPMorgan. Please state your question. Jeremy Bryan Tonet: Hey, Jeremy. Hi. Hey, Jeremy. Hi. Good morning. Good afternoon. Just one quick question here with regards to Neutrol. I think Southern has talked in the past of the importance of Neutrol development. For the future of the country. And we've seen support from the federal government start to move things forward in different parts of the country. Just wondering if there's any specific actions out there support from the federal government or other entities that would make expanding Vogtle or pursuing SMR, more attractive to Southern? Christopher C. Womack: First of let me say I was in incredibly excited about the actions that the administration took with Westinghouse and Kameko and Brookfield. In terms of that collaboration. I mean, I think all of those things are very important to bring forth new nuclear in this country. And with this incredibly growing demand, I think it's so important that we take the steps necessary to build new units in this country. And so between the action taken announced yesterday, a couple days ago, as well as the president's executive orders on the regulatory side All those things, I think, are very important and very instrumental in helping support the development of new nuclear in this country. Because as you look at bringing these new units on, these units could have sixty to eighty year lives. And so that would take us in meet the current future demand, but also demand into the next century. So this is incredibly important to recognize the steps in the leadership role that the government must take to address risk and find ways to help mitigate that risk. So I think it's incredibly important and real excited about the steps that are being taken by this administration. Jeremy Bryan Tonet: Got it. That's helpful. I'll leave it there. Thanks. Christopher C. Womack: Thank you very much. Diego: Your next question comes from Andrew Marc Weisel with Scotiabank. Please state your question. Andrew Marc Weisel: Hey, Andrew. Hey, Andrew. Hey, everybody. Forgive me, I'm not sure if I heard an answer to that last question. Does all of that federal government activity change your appetite? I appreciate the industry commentary, but what about your appetite? Christopher C. Womack: No. Not at this time. Andrew Marc Weisel: Okay. Thank you for clarifying. But that wasn't my original question. My original question was on Slide nine, I'm interested so you showed the demand from large load customers for 2029. And then the mid-30s. What strikes me is it's a fairly small change. Only one incremental gigawatt is contracted and one additional gigawatt of committed. How much of that would you say is the same project ramping up their demand versus an incremental project or projects coming online between those years? But then to what degree would you say the small increases conservatism or risk adjusting or however you wanna call it? It just seems like a fairly small delta relative to the trends in commentary. David P. Poroch: Yes. No, I get where you're coming from. What we wanted to try to display in this in this chart, so I appreciate your question. Is that the entire seven gigs on the 2029 column is included in the 2030 column. And so what we're trying to reflect there is ramp-up timing, and our expectations and projections based on the contracts that we have as well as in the committed section that's reflective of the conversations that we've been having the modeling that we've been doing through the negotiations. And so those ramp-ups do take a minute. And those are projected to kind of be over about a five-year period. It's a little different from contract to contract because obviously these are tailor-made contracts bilateral negotiations not necessarily at all a unique large load tariff. And so these are tailor-made and reflect our expectations around the ramp-up. Andrew Marc Weisel: Okay, great. Thank you very much. Diego: Thank you. And your next question comes from David Arcaro with Morgan Stanley. Please state your question. David Arcaro: David? Hey, thanks so much. Hey. Good afternoon. I was so looking at the 10 gigawatt large load contracted or committed numbers, by 2029. I guess I was just wondering if there's still a further opportunity to add on more gigawatts there to bring on more large load by the 2029 timeframe? Or are you seeing system constraints or limits in terms of absorbing additional data centers in the near term? Christopher C. Womack: I think the ability to bring on more is out there. I mean, so the answer to your question is yes. There's more capacity, more opportunity. And yes, we are in advanced discussions and advanced considerations with other large load companies in terms of looking at more possibilities. So, yeah, there are more upside opportunities for the latter part of this decade. David Arcaro: Yeah. Okay. Got it. Got it. And then I was just wondering if you could you characterize just maybe the plan for the for the next set of RFPs, just looking forward for future generation needs? What years would those be represented? In terms of when they come into service? And then when would you be potentially considering bringing forth those RFPs to take in the bids? David P. Poroch: Sure. So remember that 25 step stipulation allowed for another all-source RFP to begin as early as 2026. And at the moment, we don't really have any size or parameters. We're just working through that and assessing our needs. Now we need to get through the processes in place at the moment, and then we'll look to the future. And that could be in the early 2030s, maybe 2030s, But, you know, we'll have to wait and see how that plays out, and we'll have more clarity next year. But we're really encouraged by the by the conversations that we've been having and the momentum continues to build, not just in Georgia, but around the service territories. David Arcaro: Okay. Perfect. That's helpful. Thanks so much. David P. Poroch: Sure, David. Thank you. Diego: Your next question comes from Agnieszka Anna Storozynski with Seaport. Please state your question. Agnieszka Anna Storozynski: Hey, Angie. Thank you. Are you guys? Okay. So my first question about contract-based gas-fired newbuild. So in the past, you guys were saying that you're still waiting to see you know, demand or interest in, like fully loaded economics for, gas-fired new build for Southern Power. And I'm wondering if we've already achieved it at that point? Or is it still a waiting period? David P. Poroch: For recontracting at Southern Power? I just wanna make sure I don't get Agnieszka Anna Storozynski: building a brand new combined cycles for a hyperscaler or whoever under a long-term contract by Southern Power, you know, meeting your return expectations. If you've already seen offers at levels that you would consider interesting. David P. Poroch: You know, we continue to evaluate and recall, I think we talked about it probably several times in the past that Southern Power, we run with a pretty high filter. We have high credit quality, counterparties long-term in nature locking up the capacity no fuel risk. So as we find those opportunities that fit into that box, we'll definitely pursue them. And at the moment, we're just still evaluating. Agnieszka Anna Storozynski: So the answer is no. You haven't seen them or you're still sort of debating if the if the if the terms are attractive? David P. Poroch: Yeah. We're evaluating and having some conversations around that. Agnieszka Anna Storozynski: Okay. And then second thing, and I know you have answered this question a couple of times already on this call about nuclear new build, but it's and we keep hearing, especially from Westinghouse, right, that they are seeing interest in nuclear new build from large regulated utility operators. In The US. And I know that it could be just preliminary discussions. But I mean, the Southeast seems to come up quite a bit. I mean, I'm looking at the map. There few options here. So I'm just wondering, is it just as I said, preliminary discussions, or is it know, you wouldn't be the first one seemingly given what's happening in South Carolina But how should we, you know, brace for any potential announcements from you? Christopher C. Womack: Yeah. I mean, I can't speak for others, but I will speak for The Southern Company. We are not there yet to make an announcement about a new nuclear plant. As we said many times in the past, we want to make sure that all risks are mitigated before we make that kind of decision. I'm excited about all the activity that's occurring around the country with considerations about new nuclear. But until we find a way to get all the risk mitigated, I mean, that's not a decision that we're gonna make. But we're going to continue to work with the administration, work with other government agencies to talk about the importance and the role that new nuclear can play in leading this growing demand. But being perfectly clear, no, we're not in a position to make to make that decision at this point until we find ways to make sure all risks are mitigated. Agnieszka Anna Storozynski: Understood. Thank you. Diego: Your next question comes from Paul Fremont with Ladenburg Thalmann. Please state your question. Paul Fremont: Hey, Paul. Hey, Paul. Hey, thanks for taking my question. First question is, I just wanna understand the difference between contracted and committed. Is that just an ESA versus an LOA? Or what's the distinction there? David P. Poroch: Sure. So let's maybe start with the contract. I mean, that's a signed agreement hopefully pretty relatively self-explanatory. We've got a commitment to deliver based on the terms and conditions negotiated and parties have signed off and we're moving forward. The RFS request for service, you know, that's going through the process that we've described in the past where you kinda start with an entity looking across the states. Maybe they've selected Georgia. We start having conversations with them. We start getting through they're gonna within the state of Georgia, as an example, they're gonna pick Georgia Power versus other providers that takes us to a new level of conversation more collateral is posted, the process gets more involved, engineering studies are happening. And so the commitment then is as we're negotiating terms and conditions, pricing, ramp-ups and other needs, that's kind of like your last phase before you're getting into actually signing a contract. So committed is very far down the road, and we're working through Ts and Cs. Finalizing engineering studies. And on the verge of signing contracts. Paul Fremont: So that's sort of like fine that's sort of like finalizing agreements. Can you be able to characterize then how many gigawatts would be in advanced stage negotiations? I think some of your peers provide, you know, that third layer of breakout. David P. Poroch: Yeah. So, you know, in that bucket, we're probably in the neighborhood 12 ish gigs. I mean, it's fairly dynamic and it's across the system. Paul Fremont: Right. And then sort of last question for me. You are targeting, or you're you're guiding to 8% sales growth, What year would you expect to sort of achieve that level of sales growth? David P. Poroch: That's in the latter part of the horizon. I think we talked about 2029 is the is the target for that. We grow into that over time. Paul Fremont: Great. That's it. That's it for me. Thank you very much. David P. Poroch: Awesome. Thank you. Diego: Your next question comes from Travis Miller with Morningstar. Please state your question. Travis Miller: Hi, guys. Thank you. Hey, Travis. Hey, Travis. Back still keeping with the large load topic here. If I run through those numbers that you broke out in terms of projects and gigawatts, it looks like average project somewhere less than 0.5 gigawatt, maybe 300 to 500 megawatts. One, I was wondering if that's a fair assessment of what you're seeing out there. And then two, what is the what is the extra 50 gigawatts of the next stage look like? And we've heard some utilities talking about gigawatt projects tech companies talking about multiple gigawatt projects. So wonder if you could characterize the current customers and then the next step. David P. Poroch: Okay. Yeah. Thank you. So, yeah, it I wouldn't do just the straight math. I mean, these are wide-ranging. You know, we've got some on the one hundred megawatts of the scale, and then we've got a couple at the north of one. One gigawatt. And so they are really all over the place. And like we've talked about, I mean, each one of these are tailor-made contracts for their own specific needs. So I'd suggest resisting the simple math. Travis Miller: Okay. That's helpful there. And then the 50 gigawatts or the next stage 40 or so gigawatts? Incremental? Would it are you seeing from those coming into the system requesting? Yeah. Like, the whole the whole pipeline. Yeah. We as we as we've talked about, those are in various stages And as we build our forecast, we heavily discount all of that through the various layers, if you will, of the of the contracting process. So, yes, 50 gigawatts north of 50 gigawatts is the universe in which we're evaluating right now. And know, we have talked about a small portion of that coming to fruition as a contract. Travis Miller: Okay. But still the same kind of range in terms of actual project 100 megawatts to north of a gigawatt? Okay. Yes. Okay. Yeah. Exactly. Okay. And then do these tend to be greenfield or brownfield? Are they expansions, whether it's manufacturing or data center, are they expansion projects or greenfield projects? Typically? David P. Poroch: Both. Yeah. It's it's it's really all over the place. I mean, we've got industrial customers, making announcements that they're expanding their capacity here in our service territories. We've got new businesses relocating or starting up. And then the data centers, some are expanding. I think we mentioned, I think, our prepared comments that the portfolio of data centers that we're serving today have grown at 17% year over year in the quarter. So really excited about what we're seeing in both the portfolio that we're serving today and the process of contracting. And the diversity that those customers are bringing to the system. Travis Miller: Okay. Great. Appreciate it. David P. Poroch: Sure thing. Thank you. Diego: And that will conclude today's question and answer session. Sir, are there any closing remarks? Christopher C. Womack: Again, let me thank everybody for joining us today on our call. And as we said before, we have a bright future, and we're looking forward to what's ahead. So you very much, and have a great day. Diego: Thank you, sir. Ladies and gentlemen, this concludes The Southern Company Third Quarter 2025 Earnings Call. You may now disconnect.

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