New Fortress Energy Soars on Report of LNG Contract Extension
Its shares gained 25% at the market open, while its bonds due 2029 jumped nearly 8 cents on the dollar to 48 cents, according to Trace data. El Nuevo Dia first reported the contract extension. A portion of New Fortress Energy's LNG supply contract was renewed, according to the report.
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Forbes
11 minutes ago
- Forbes
Texas Delivers On Housing Reforms, Connecticut Stumbles
Mexican American family having a party in backyard of sustainable home with solar panels on the ... More roof. Suburb area of Houston, Texas. The median sale price for a home in the United States was $440,913 in May, about $140,000 more than five years ago. The housing affordability problem that started in a few coastal cities has spread across the country, and the only way to solve it is to build a lot more housing. This year Texas passed several laws that will do just that, while in Connecticut a similar bundle of reforms was vetoed by the governor. In its legislative session that ended earlier this month, Texas passed a number of reforms to make it easier to build more housing. The first law, SB 840, requires municipalities to allow what is commonly called missing-middle housing. These are housing types that lie between large single-family homes and multi-story apartment buildings, such as duplexes, triplexes, and townhomes. Many local governments have rules that effectively ban these types of homes, but now they will be allowed in any area already zoned for commercial or mixed-use development. This will enable developers to build affordable housing near shops, restaurants, and jobs, a pattern of development that was common across the country but has largely taken a backseat to residential-only suburbs since the 1960s. Another law, SB 15, will make it easier for developers to build smaller homes in Texas. The law prohibits cities from requiring lot sizes of more than 1,400 square feet in new greenfield subdivisions of at least five acres. Land is a big contributor to the cost of housing, comprising between 20% and 40% of the cost of a new house. Allowing builders to use less land will make housing more affordable for lower- and middle-income families. The third pro-housing law, SB 2477, removes regulations that discourage office-to-residential conversions. This law prevents local governments from tying up conversion projects with unnecessary traffic studies, parking requirements, and zoning changes. Last year, the Pew Charitable Trusts released a report showing that converting office buildings to single-room occupancy units is a feasible and effective way to add more housing in dense city centers. This new law will pave the way for such projects in Texas's big cities. The next law, SB 2835, allows developers to build apartment buildings up to six stories with only one staircase. Single-stair apartment buildings are cheaper to build—reducing construction costs by 6% to 13%—and can fit on smaller lots than double-loaded corridor buildings. Their flexibility is especially important for infill development in cities, where lots are often small and irregularly shaped. Finally, HB 24 eliminates a loophole that enabled small groups of anti-housing protesters to block new housing projects. The old law made it too easy for a minority of residents to use petitions and other mechanisms to stifle development. The new law modernizes the community feedback process to create more predictability for builders and ensures that property owners are not unduly prevented from using their land to help communities meet the growing demand for more housing. Texas has grown rapidly since the pandemic, and these reforms will make it easier and cheaper to build the housing it needs. The reforms are timely, too. In a recent study, economists Edward Glaeser and Joseph Gyourko find that many Southern and Western metro areas are not adding as much housing as they used to, which is pushing prices up. By passing these pro-housing laws, Texas is doing its part to reverse this trend so families can afford to live and work in the Lonestar state. Shifting to the Northeast, like Texas Connecticut had a chance to make housing more affordable this year. But unlike Texas, it whiffed on the opportunity when Connecticut Governor Ned Lamont vetoed HB 5002. Connecticut's home price-to-median income ratio is 4.4, below the U.S. average but still a signal that housing is too expensive. Worse, the gap between housing prices and income has widened over the last five years. HB 5002 would make several changes to the state's housing policies designed to improve affordability. These include reducing and eliminating parking requirements, making it easier to convert commercial buildings to residential units, encouraging more development near public transportation routes, and making it easier to build missing-middle housing such as duplexes and townhomes. The bill would also increase funding to support and improve governments' planning processes. During his veto announcement, Governor Lamont expressed support for many of the provisions in the bill. But in the end, he sided with local officials worried about the state infringing on local control. During his press conference, he said 'I think the only way to really make it work is if you have buy-in from the local communities.' In a unique twist, Connecticut Republicans—long thought to be the party of economic growth and property rights—led the effort to veto a bill that would have boosted economic growth and expanded individual property rights. Responding to Lamont's veto, Pete Harrison, the Connecticut Director of the Regional Plan Association and the Director of pro-housing organization DesegregateCT told me, 'We wish Governor Lamont let alone Republicans in Connecticut would show half the foresight and common sense that Red State Republicans have shown when it comes to housing policy. The disconnect is costing Connecticut billions in economic activity and future growth.' He added 'We hope the governor keeps his promise to call a special session where both he and Republicans will have another chance at stepping up as both the Democratic-controlled House and Senate have done.' While Governor Lamont's and Republicans' concerns about local control are understandable, it is important to remember local governments only have the control states grant them. If local governments abuse their authority—perhaps by making it unnecessarily difficult to build housing—state officials should step in to rectify the situation and uphold their responsibility to help the state prosper. When it comes to zoning and land-use regulations, there are powerful local incentives to restrict new development. Current homeowners, well-connected developers, and local politicians chosen from these groups often worry about the impact new development will have on their neighborhoods, so they hinder it. State officials are better positioned to overcome these concerns since they have an incentive to consider the broader economic effects more housing will have on the state's economy and budget. It would be wise for Governor Lamont to remember these dynamics the next time a housing bill crosses his desk. The high cost of housing is one of the biggest problems facing America. Research shows that high housing prices limit access to jobs and high-quality schools, delay family formation, and even reduce fertility. Young people are the most affected. According to one recent survey, 67% of Americans believe homeownership is unrealistic for young people. If this belief persists, it will undermine how younger generations view America: Not as the land of opportunity, but as a place where opportunity is hoarded by established homeowners at the expense of everyone else. Texas's officials are trying to fix the problem. We will see if Connecticut's join them.
Bloomberg
15 minutes ago
- Bloomberg
Euro Credit to Benefit From Dollar Shift, Deutsche Bank Says
Investors will shift increasing amounts of cash coming from US investment-grade bonds to Europe as the 'de-dollarization' theme is gaining traction, according to Deutsche Bank AG strategists. The team led by Cem Keltek expects 25% of reinvestment flows — where investors put coupon payments and bond redemptions — from dollar-based investment grade credit to move elsewhere. This is equivalent to an average of $9.3 billion every month and the European credit market could absorb about half of it, the strategists wrote in a report.
Forbes
15 minutes ago
- Forbes
Your Customer Is Your AI Strategy
Talbott Roche, CEO and president of Blackhawk Network (BHN). Imagine you just lost a customer—not because your technology failed, but because your AI was optimized for efficiency instead of experience. In the race to deploy agentic AI—systems that act on behalf of users—we have an unprecedented opportunity to create more human-centered experiences. I have found that the companies that use AI effectively aren't those with the most sophisticated algorithms, but rather those who leverage technology to make their customers feel more valued, understood and empowered. I've led a company through startup growth, scaled it globally and steered more than thirty acquisitions, and one thing has always held true: Innovation only works when it works for people. The customer isn't an input to your strategy—they are the strategy. Now, as AI promises to drive personalization, optimization and automation at scale, I believe it's never been more important to anchor our innovations in human needs. Because breakthrough technology alone isn't what builds category-defining companies—customer-centric innovation is. Put customers at the center of AI. Let me show you what putting customers at the center of AI looks like in practice: Imagine you need a housewarming gift for friends who just moved across the country. Instead of browsing endless product pages, you simply type "thoughtful gift for new homeowners who love cooking and have a small apartment" into your favorite retailer's search bar. In seconds, you're presented with curated options that actually make sense—a compact herb garden that fits on a windowsill, a gift card to a specialty olive oil club or a set of space-saving nesting bowls. This is sophisticated technology designed around the human desire to find the perfect gift without the overwhelming paradox of choice. The AI isn't replacing your decision making; it's amplifying your intent, expanding your possibilities and respecting your time. I believe this is the future of customer-centered agentic AI—not technology that makes decisions for people, but technology that empowers people to make better decisions for themselves. So, how can businesses build with customers at the center? Here are three guiding principles I've seen drive exceptional results: 1. Design AI that solves real customer problems. In order to be effective, these AI solutions should feel invisible. They should remove friction in a way that feels natural—not disruptive, not intrusive and never self-serving. Unfortunately, too many tech innovations today feel like technology searching for a purpose. We learned this lesson when we developed a scan-to-buy product in physical retail years ago. The technology was impressive, but it created more complexity than it removed. If the customer is already in the store, asking them to scan a QR code to open an app to complete a transaction isn't a better experience—it's just more steps. It became clear we needed to step back and rethink—not abandon—the approach. By listening to customers, we redesigned the experience to meet their expectations and placed QR codes directly on product packaging, giving shoppers instant access to product information or purchase options without extra steps. It delivered what they wanted—digital convenience without hoops to jump through. That's why every AI initiative should start with a customer-centered question: "What meaningful problem are we solving for the people we serve?" When you stay focused on enhancing the customer experience, your technology can be more than smart—it can be significant. 2. Enhance human capabilities—don't replace them. The best AI doesn't minimize human involvement, but rather maximizes human potential. In retail, for example, I've found that some of the most valuable moments come from discovery—from exploring, finding unexpected treasures or connecting with a brand in ways that feel personal and meaningful. AI shouldn't eliminate these moments; it should create more opportunities for them to happen. Think about your own digital experiences. When you search on Google, you explore different perspectives. You evaluate options. You make connections between ideas. That active engagement creates value. When AI removes this involvement, it might save time, but it might also diminish the quality of the experience. As innovators, we must resist the urge to over-automate. A shopping experience that understands my preferences well enough to surface relevant options? Valuable. One that removes every choice, every moment of discovery, every opportunity for me to express myself? That's not advancement—that's regression. We're not here to create technology that replaces human experiences. We're here to build technology that makes human experiences more rewarding. 3. Give customers meaningful control. AI can personalize experiences, predict behavior and take actions on a customer's behalf. But if your customer doesn't understand what's happening—or worse, feels managed rather than empowered—you can lose their engagement instantly. In every digital experience you create, ensure the customer knows exactly what's happening. In my experience, when customers feel in control, engagement flourishes. When they feel like passive recipients of automated decisions, even the most sophisticated technology will fail to create lasting value. Transparency isn't just a feature—it's how we demonstrate respect for the people we serve. Keep humans at the center of every algorithm. AI will likely transform our industry in ways we're only beginning to imagine. But amidst this transformation, one truth remains constant: People want to feel seen, understood and valued. If you design AI systems that put customers at the center, you can create unprecedented value—for the people you serve and for your business. If you optimize for technology alone, you may miss the greater opportunity to transform not just what you can do but also what your customers can experience. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
