DC Council votes on changes to Initiative 82
The council vote took time, as members were embroiled in other debates.
They eventually decided to essentially water down the current version of the legislation, slowing down and capping the increase to tipped workers' wages.
What we know
Mayor Bowser proposed repealing Initiative 82 this spring.
Supporters of I-82 say any changes would go against the wishes of voters–the measure raised the base wage for tipped workers to $17.95 an hour and restaurants were meant to be responsible for making sure workers earned the new minimum wage if their tips didn't get them there.
But the head restaurant association told FOX 5 say the law has confused customers with unclear service, I-82 is causing businesses to close.
Local perspective
"In the District, we're the highest in the country, I would add. So we're asking council to take a look at Initiative 82 and come up with a measure that works for restaurants and workers alike," said Shawn Townsend, President and CEO of the Restaurant Association of Metropolitan Washington.
"We talk to lots of tipped workers and they say their take-home pay is higher and they are making more money as a result of having a higher base wage," said Elizabeth Falcon with D.C. Jobs With Justice.
Two weeks ago, Council Chair Phil Mendelson thought he had a compromise proposal which would have scaled back I-82 but not get rid of it all together.
But in a surprise move the council voted 7-5 to reject that proposal.
Solve the daily Crossword
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a day ago
- Yahoo
O-I continues to cut costs, ends MAGMA production technology
This story was originally published on Packaging Dive. To receive daily news and insights, subscribe to our free daily Packaging Dive newsletter. By the numbers: Q2 2025 Net sales: $1.7B Down 1.3% year over year Net earnings attributable to O-I: $1M Compared with net earnings of $62M in Q2 2024 Q1 recap: O-I Glass's shipments were down 3% during the second quarter, reflecting growth in the Americas but weakness in Europe. 'We faced expected headwinds from lower net price, lower sales volumes and temporary production curtailments,' said CFO John Haudrich on a Wednesday earnings call. Despite noise around tariffs, overall, 'what we're seeing over the course of the year is a generally stable environment,' Haudrich said. Cutting costs: Headwinds were offset by cost-savings actions through O-I's ongoing 'Fit to Win' cost-cutting program, through which O-I said it has achieved $145 million in savings so far this year. Haudrich also said O-I has 'made meaningful progress in reducing inventories across the enterprise, down approximately $160 million compared to the same period last year.' End-market trends: Among the product trends that executives highlighted, they said food containers are a bright spot, in part due to growing concerns about microplastics. Non-alcoholic beverages are also an area of growth. Demand for beer, while recovering, is still a bit sluggish. Spirits are also still rebounding. Wine is currently 'weak across the board,' CEO Gordon Hardie said. Adjusting operations: Haudrich said O-I had $27 million worth of temporary curtailments — continued downtime until permanent restructuring actions are completed. 'We continue to expect initial network optimization activities will be completed by mid-2026,' Hardie said. O-I is rolling out an organizational effectiveness program. It's currently about 65% of the way through rolling this out across 15 facilities. In a securities filing, O-I also noted that in July it finalized plans for 'the indefinite suspension of operations of one furnace as well as the closure of one plant in its Americas segment.' O-I expects a related $45 million charge in Q3. In an Oregon WARN notice Wednesday, O-I disclosed plans to shutter a glass bottle production facility in Portland, with 90 layoffs beginning in August. The end of MAGMA: O-I announced it's changing its strategy on its new glass manufacturing technology, dubbed MAGMA. It featured this tech at its recently opened facility in Bowling Green, Kentucky, which it now plans to 'reconfigure.' In its earnings release, O-I said that 'Following a comprehensive review, we have made the financially prudent decision to halt further MAGMA development and operations. While the earlier stages delivered meaningful technical advancements, we have concluded the platform does not have a pathway to the operational or financial return requirements as previously outlined.' Hardie elaborated on the call that as CEO he had to 'face reality,' and to serve customers O-I needs 'higher volumes of premium than a MAGMA furnace could deliver.' Outlook: Despite the overall decline in Q2, O-I still expects volumes will be about steady between 2024 and 2025. O-I raised its guidance for 2025 adjusted earnings, expecting an increase between 60% to 90% above 2024. Guidance for free cash flow was unchanged at a range of $150 million to $200 million. Recommended Reading O-I, GPI decry federal funding walkback for glass decarbonization projects
Yahoo
a day ago
- Yahoo
How much did c-store CEOs make in 2024?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. It's no secret that 2024 was a challenging year for convenience retailers. Not only did the tough operating environment result in less revenue for some of the largest players in the industry, but their CEOs earned less as well. While each company's situation was unique, convenience retailers across the industry faced many of the same challenges — from rising building costs and construction delays to hiring and retention woes — that left retailers in a tight financial spot heading into 2025. Total compensation packages for c-store CEOs include various stock- and equity-driven awards that fluctuate considerably. This means an executive can make several millions more — or less — in one year than they did the previous, even if their base salary is the same. Last year, executives from some of the largest publicly traded c-store retailers saw sizable changes in their earnings because of the presence or absence of these incentives. Here's how the CEOs at some of the top publicly traded c-store retailers got paid in 2024, according to C-Store Dive's analysis of Securities and Exchange Commission documents. Joseph DePinto 7-Eleven $29.6 million Joseph DePinto, 7-Eleven's CEO since 2005, earned 4.34 billion yen, or about $29.6 million in fiscal 2024 — a notable drop from the $52 million he earned in fiscal 2023, according to parent company Seven & i Holdings' last two annual securities reports. This drop came even as DePinto's salary, which Seven & i calls 'fixed compensation,' was about $2 million — higher than the $1.8 million he earned in 2023. Over 90% of DePinto's annual earnings result from performance-based incentives 'in order to encourage the achievement of performance targets,' Seven & i said in its securities reports. The company did not specify why DePinto's performance-based earnings were so much lower than in fiscal 2023. However, 7-Eleven endured significant financial setbacks last year as it faced mounting economic challenges brought on by inflation. The retailer's same-store sales fell 2.7% in fiscal 2024 and are expected to contract by another 1.5% in fiscal 2025. DePinto also resigned from Seven & i's board of directors in March. Eric Slifka Global Partners LP $14 million Eric Slifka, Global Partners' president and CEO since 2005, garnered just over $14 million in fiscal 2024, outpacing the $11 million he earned in 2023, according to the company's annual 10-K filing. On top of his $1.1 million salary — a $100,000 bump from the previous two years — Slifka's 2024 compensation increase largely resulted from various awards and non-equity plan compensation, which brought him a combined $12.8 million. His 2024 payday is a significant bump compared to what he made in the several years before 2023, including $11.5 million in 2022, $6.5 million in 2021 and $5.5 million in 2020. Slifka, who was also named Global Partners' chairman earlier this year, helped the company reach $1.1 billion in gross profits during fiscal 2024, a bump from the $974 million it garnered in 2023. Andrew Clyde Murphy USA $11 million Andrew Clyde, president and CEO of Murphy USA since 2013, saw about a $500,000 bump in his total compensation year over year, reaching just over $11 million in 2024 according to Murphy's latest proxy statement. Clyde's total compensation has now surpassed $10 million in three straight years after reaching the figure for the first time in fiscal 2022. The main catalyst for the latest increase came from about $1.5 million more in stock- and option-based awards in 2024 compared to 2023. The $500,000 bump came even as Clyde saw his salary drop by about $13,000 compared to 2023, and in a year in which Murphy saw its full-year revenue drop by about 6%. Wael Sawan Shell plc $11 million Shell CEO Wael Wawan took home $11 million in fiscal 2024, an increase from the $9.9 million he garnered the year before, according to the company's annual 20-F filing. Not only was Sawan's base salary of $1.9 million about 4% higher than in 2023, but Sawan also received about $300,000 more in annual bonuses than the prior year. Sawan's salary increased once again at the start of 2025 — by about 5.5%, according to the report. These increases came during a year in which Shell's total cash flow from operations remained essentially unchanged from 2023, but were still lower than in 2022, according to the report. Nonetheless, the company's board of directors was satisfied with his performance. 'Wael Sawan has demonstrated clear and decisive leadership, driving growth where we have a competitive advantage, and making tough decisions to pause and address performance challenges where needed,' Shell said in its 20-F report. Darren Rebelez Casey's General Stores $10.6 million Darren Rebelez, president and CEO of Casey's since 2019 and chairman since 2023, took home nearly the same amount in fiscal 2024 as he did in the previous year — about $10.6M. Only $19,000 separated the two years, according to the company's latest proxy statement. Rebelez saw his salary grow by $50,000 and earned slightly more in stock awards and slightly less in non-equity incentive plan compensation compared to 2023. Although Rebelez's earnings remained relatively unchanged, he led Casey's through a year of tremendous growth, spearheading its acquisition of CEFCO Convenience Stores — the largest deal in company history — which marked Casey's entrance into three Southern states. Will Monteleone Par Pacific Holdings $9.8 million Will Monteleone, who became CEO of Par Pacific Holdings in April 2024, took home $9.8 million in his first full year leading the convenience retailer, according to the company's latest proxy statement. This marked a significant jump from the $2 million he made in 2023 when he was company president. A notable portion of Monteleon's earnings was the more than $6.5 million he made in option awards, according to the report. His promotion came during what Par Pacific called a 'challenging financial year' in which adjusted EBITDA dropped by more than 65%, according to its annual report. Murray Auchincloss BP plc $7.2 million Murray Auchincloss took home 5.4 million pounds, or about $7.2 million in his first full year as BP's CEO since succeeding former leader Bernard Looney in January 2024. The executive's earnings were notably less than in fiscal 2023, as BP experienced what it called 'a challenging year operationally,' according to the report. The company saw declines across its customers and products business and axed its green investment strategy amid a major reset. That reset has included laying off about 5% of its global workforce and shifting its focus from renewable energy back to oil production. The shift has also impacted BP's convenience store segments, although it's unclear to what extent. Alex Miller Alimentation Couche-Tard $6.8 million Couche-Tard President and CEO Alex Miller took home about CA$9.3 million, or $6.8 million, in his first year as head of the Canadian convenience retailer. Miller assumed leadership of Couche-Tard in September 2024 after longtime exec Brian Hannasch moved into an advisory role that he'll hold through October 2026. Miller's earnings were a jump from the CA$5.6 million, or about $4 million, he took home in fiscal 2023 while he was still chief operating officer. Miller's salary during the 2024 fiscal year was just over $1 million. The bulk of his earnings came from company share units and stock options, which garnered Miller a combined $5.6 million in the fiscal year. Miller's $6.8 million earned in fiscal 2024 was only half of what Hannasch made in fiscal 2023. Miller, who has been with Couche-Tard since 2012, led the convenience retailer through a profitable fiscal year during which its revenues increased by $3.6 billion, or 5.2%, compared with fiscal 2024. A major highlight of Miller's first year as CEO was the company's $1.6 billion purchase of GetGo Café + Markets, the convenience store arm of supermarket chain Giant Eagle. Joseph Kim Sunoco $6.3 million Joseph Kim, president and CEO of Sunoco since 2018, garnered $6.3 million in fiscal 2024, a jump from the $5.5 million and $4.9 million he earned in 2023 and 2022, respectively, according to the company's annual 10-K filing. His salary was over $150,000 higher in 2024 compared to 2023 and he earned hundreds of thousands more in stock awards. Kim notably led Sunoco through one of the biggest c-store deals in recent years when the Texas-based company agreed to acquire Parkland's assets for over $9 billion. Once the deal closes, The combined company will have an enterprise value of about $25.5 billion and become the largest independent fuel distributor in the Americas. Robert Espey Parkland Corp. $6 million Parkland Corp. President and CEO Robert Espey took home $6 million in fiscal 2024, a slight decrease from the $6.2 million he garnered in 2023, according to the company's latest information circular. Espey, who's led Parkland since 2011, is set to leave the company by the end of 2025 — a move announced during Parkland's strategic review earlier this year. According to the filing, Espey's employment was technically terminated on a 'without cause basis' on April 30, and as part of his agreement to step down, he received a severance of about $5.2 million. About three weeks after Espey's resignation announcement, Parkland revealed that it agreed to sell its assets to Sunoco. Arie Kotler Arko Corp. $4.8 million Arie Kotler, president, chairman and CEO of Arko Corp., saw his total earnings dip for the second straight year in fiscal 2024, according to the company's latest proxy statement. Despite seeing his salary rise by 3% in 2024, Kotler's $4.8 million in earnings was a decrease from the $6 million he garnered in 2023. A notable difference between the two years was that Kotler did not receive any option awards in 2024, compared to the $1.3 million in option awards he earned in 2023, according to the report. Kotler's decreased earnings came after a challenging year for the company, which saw its merchandise revenue fall by $70.7 million, or 3.8%, and its fuel revenue decrease by $605.5 million, or 8.1%. Kotler told analysts earlier this year that the merchandising drop was largely due to underperforming stores that it closed or converted to dealer sites. Charles Nifong CrossAmerica Partners $1 million Charles Nifon, president and CEO of CrossAmerica Partners, earned just over $1 million in fiscal 2024, a $144,000 drop from his 2023 earnings, according to the company's latest 10-K filing. Nifong's 2024 salary of $500,000 was the same as the prior year, and the difference in his earrings was how much of his target bonus he secured. According to the report, Nifong's target bonus is 125% of his base salary, or $625,000, and he took home $223,500 of that amount in 2024 compared to over $371,000 in 2023. The report notes that Nifong's bonus payout depends on CrossAmerica 'being financially efficient' and "maximizing operational excellence' in its retail and wholesale operations. Recommended Reading How much did c-store CEOs make in 2023? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
a day ago
- Business Wire
AM Best Affirms Credit Ratings of China Shipowners Mutual Assurance Association
HONG KONG--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of China Shipowners Mutual Assurance Association (China P&I or the Club) (China). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect China P&I's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. AM Best expects China P&I's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), to remain at the strongest level over the short to intermediate term, supported by very low underwriting leverage and sustained capital growth through earnings retention. The Club's consolidated capital and surplus increased moderately in 2024, driven by positive operating results and profit retention. China P&I continues to hold its long-term equity investments in China Minsheng Banking Corp., Ltd. (CMBC), which represents approximately 70% of total invested assets. This investment concentration risk remains an offsetting factor to China P&I's balance sheet strength, alongside the higher-than-average investment allocation to equities and sizeable gross losses of protection and indemnity (P&I) insurance that the Club is potentially exposed to. Conversely, supportive factors in AM Best's balance sheet strength assessment include the Club's prudent reserving practices in view of the long-tail nature of P&I insurance and its comprehensive reinsurance programme. China P&I achieved stable operating results in 2024, mainly driven by favourable investment returns and moderate underwriting losses at a controllable level. The Club has consistently recorded net profit over the last five years. Based on AM Best's calculations, the Club's five-year average return-on-equity ratio was 4.4% (2020-2024). The Club's underwriting profitability was modestly impacted by rising losses incurred in a less benign year of claims, albeit partially offset by improvement in operating expenses. The Club continued to report stable investment returns in 2024, with a net investment yield (including capital gains or losses) of 5.0%, owing to a consistent track record of dividends and growth in the CMBC investment's book value. Established in 1984, as a mutual association, the Club has become a leading player in China's P&I market and is one of the major hull insurance providers in the country. The Club's underwriting portfolio has remained stable with a focus on the domestic market of ocean-going vessels owned by Chinese shipowners. China P&I continues to explore opportunities in overseas markets, such as Southeast Asia to diversify its member base. In addition, the Club continues to leverage its long-term business partnerships with several international groups of P&I clubs in areas such as reinsurance support, loss prevention, claims services, product development, sharing local knowledge and professional network. Negative rating actions may occur if China P&I's balance sheet strength no longer supports the current assessment, for example, due to material deterioration in the level of risk-adjusted capitalisation arising from heightened investment risks. Negative rating actions also may arise if China P&I's operating performance demonstrates a persistent deteriorating trend, for example, due to sustained and material investment losses, which significantly weigh down the Club's profitability or erode its capital position. Positive rating actions may occur if the Club achieves material and sustained enhancement in its global market presence over the intermediate term, while continuing to strengthen its leadership position in the domestic market. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
