Latest news with #Fontana
Yahoo
23-07-2025
- Automotive
- Yahoo
NASCAR announces race on U.S. Naval base in Coronado scheduled for 2026
NASCAR is returning to Southern California, only its cars will be racing on the streets of Coronado and not on an oval in Fontana. The stock car racing circuit announced Wednesday it will be hosting a three-day series of races June 19-21, ending in a NASCAR Cup Series race on the U.S. Naval base in Coronado. NASCAR did not race in Southern California last year for the first time since 1997, with the exception of 2021, when the schedule was hampered by the coronavirus pandemic. For much of that time, the races were held at Auto Club Speedway in Fontana but that track was torn down in 2023 to make room for a giant warehouse complex. NASCAR preserved part of the grandstand and had hoped to built a half-mile oval track on the site but that project has stalled and is unlikely to be revived. NASCAR also raced on a temporary quarter-mile oval on the floor of the Coliseum but that event has also been abandoned. Next summer's Coronado race, which came to fruition after years of careful negotiation, is the first NASCAR event to be run on an active military base, It is being timed to commemorate the 250th anniversary of the U.S. Navy and will feature a race weekend including an Xfinity Series race and a Craftsman Truck Series event. Read more: NASCAR figuring out if building new track in Fontana is the 'right thing to do' NASCAR ran street course races in Chicago's Grant Park from 2023-25 but that event will not return in 2026, making the Coronado race the only street race on the schedule next year. 'NASCAR embodies the very best of the American spirit through speed, precision and an unyielding pursuit of excellence,' Secretary of the Navy John C. Phelan said in a statement. 'Hosting a race aboard Naval Air Station North Island, the birthplace of naval aviation, it's not just a historic first, it's a powerful tribute to the values we share: grit, teamwork and love of country. 'We're proud to open our gates to the American people, honor those who wear the uniform, and inspire the next generation to step forward and serve something greater than themselves.' Naval Base Coronado, known as the West Coast Quarterdeck, is a consortium of nine Navy installations stretching from San Clemente Island, 50 miles off the coast of Long Beach, to the Mountain Warfare Training Facility 50 miles east of San Diego. 'Hosting one of America's premier motorsports events on this historic base reflects our partnership with the local community and our shared pride in the nation's heritage,' said captain Loren Jacobi, commanding officer of Naval Base Coronado. 'We are privileged to showcase the dedication of our sailors alongside NASCAR's finest as we celebrate our 250th anniversary.' Read more: NASCAR goes to the dogs: Why many drivers bring their dogs to every race The NASCAR San Diego logo features an F/A-18E/F Super Hornet, which is recognized as only being flown by the U.S. Navy. The three stars in the logo signify land, sea, and air, which represents the Navy as the only branch of the military to operate in all three spaces. The arch represents the mission-style architecture found in San Diego. The stripes at the bottom of the logo represent the four largest United States Armed Force branches: Air Force, U.S. Army, U.S. Marine Corps, and U.S. Navy. Tickets for the 2026 NASCAR San Diego Weekend will go on-sale this fall. Get the best, most interesting and strangest stories of the day from the L.A. sports scene and beyond from our newsletter The Sports Report. This story originally appeared in Los Angeles Times.
Time of India
23-07-2025
- Business
- Time of India
France's EDF to withdraw from some overseas projects, cut jobs
France's EDF is cutting its headcount overseas and scrapping bids on some nuclear projects abroad as it focuses on a major construction programme at home under new CEO Bernard Fontana , said two sources familiar with the matter. France, once a global leader in nuclear energy and Europe's largest nuclear power producer, is pulling back at a time of global calls for nuclear expansion , opening the door to new players as high costs and design issues hurt its ability to compete internationally. Fontana was appointed in April to take over the state-run utility after the government became increasingly frustrated with EDF's slow progress in revamping the French nuclear fleet. The new chief executive told a parliamentary hearing on his nomination that he would focus on developing the company's domestic nuclear projects rather than its international business, which employs hundreds of people and has previously built reactors in China, Finland and Britain. He has outlined changes to the overseas business in recent weeks, said the sources, including pulling back from some bids to build reactors outside Europe. The company will focus on tenders for nuclear projects in the Netherlands, Sweden and Finland, where it has a higher chance of winning the bids, said an industry source familiar with the plans. It will also de-prioritise projects in Poland, India, Canada and elsewhere outside Europe, the person said. Reducing its international footprint will allow it to cut costs and redirect people to higher-priority projects, said another industry source familiar with the situation. EDF's recent international projects have faced long delays and cost overruns. Last year it lost out to South Korea's KHNP in a bid for two new reactors in the Czech Republic. Fontana will also reduce headcount on the international sales team, said the sources, with one saying there are plans to cut about 60 jobs, including 10 managers. No decision has been made, EDF said. The group continues its international activities while remaining attentive to the profitability of its commitments, the company said. Europe has always been its first priority and it is focusing on strengthening its European supply chains, a spokesperson for the company said. "The new French nuclear programme is the group's priority," said an official in Prime Minister Francois Bayrou's office. President Emmanuel Macron announced plans in early 2022 for six new French reactors to replace ageing plants and secure future energy supplies, with costs estimated at 67 billion euros ($78.7 billion), according to a media report last year. The company is heavily indebted, however, after expensive repairs to its nuclear fleet in recent years. EDF is also looking to sell some of its renewable energy assets in North America and Brazil. The company's subsidiaries Framatome and Arabelle, which produce reactor parts, will continue to bid to supply international projects, such as the AP 1000 in Canada, one of the sources added.
Hindustan Times
22-07-2025
- Business
- Hindustan Times
France's EDF to withdraw from some overseas projects, cut jobs, sources say
By Forrest Crellin and Elizabeth Pineau France's EDF to withdraw from some overseas projects, cut jobs, sources say PARIS, - France's EDF is cutting its headcount overseas and scrapping bids on some nuclear projects abroad as it focuses on a major construction programme at home under new CEO Bernard Fontana, said two sources familiar with the matter. France, once a global leader in nuclear energy and Europe's largest nuclear power producer, is pulling back at a time of global calls for nuclear expansion, opening the door to new players as high costs and design issues hurt its ability to compete internationally. Fontana was appointed in April to take over the state-run utility after the government became increasingly frustrated with EDF's slow progress in revamping the French nuclear fleet. The new chief executive told a parliamentary hearing on his nomination that he would focus on developing the company's domestic nuclear projects rather than its international business, which employs hundreds of people and has previously built reactors in China, Finland and Britain. He has outlined changes to the overseas business in recent weeks, said the sources, including pulling back from some bids to build reactors outside Europe. The company will focus on tenders for nuclear projects in the Netherlands, Sweden and Finland, where it has a higher chance of winning the bids, said an industry source familiar with the plans. It will also de-prioritise projects in Poland, India, Canada and elsewhere outside Europe, the person said. Reducing its international footprint will allow it to cut costs and redirect people to higher-priority projects, said another industry source familiar with the situation. EDF's recent international projects have faced long delays and cost overruns. Last year it lost out to South Korea's KHNP in a bid for two new reactors in the Czech Republic. Fontana will also reduce headcount on the international sales team, said the sources, with one saying there are plans to cut about 60 jobs, including 10 managers. No decision has been made, EDF said. The group continues its international activities while remaining attentive to the profitability of its commitments, the company said. Europe has always been its first priority and it is focusing on strengthening its European supply chains, a spokesperson for the company said. "The new French nuclear programme is the group's priority," said an official in Prime Minister Francois Bayrou's office. President Emmanuel Macron announced plans in early 2022 for six new French reactors to replace ageing plants and secure future energy supplies, with costs estimated at 67 billion euros , according to a media report last year. The company is heavily indebted, however, after expensive repairs to its nuclear fleet in recent years. EDF is also looking to sell some of its renewable energy assets in North America and Brazil. The company's subsidiaries Framatome and Arabelle, which produce reactor parts, will continue to bid to supply international projects, such as the 1000 in Poland, one of the sources added. This article was generated from an automated news agency feed without modifications to text.
Yahoo
17-07-2025
- Business
- Yahoo
EDF mulls stake sale for North American and Brazilian renewables
French utility Electricité de France (EDF) is exploring options to attract capital for its North American and Brazilian renewables divisions, including the potential sale of stakes of up to 50%. An EDF spokesperson confirmed on Wednesday 16 July 2025 that the company is considering various ways to bring in capital, as reported by Reuters. The EDF power solutions spokesperson stated: "We are studying the possibility of opening the capital of some of our subsidiaries to partners.' The announcement follows a Bloomberg report which suggested that a stake sale in EDF's North American operations might generate €2bn ($2.32bn). EDF CEO Bernard Fontana is seeking financing to support the construction of six new nuclear reactors as well as renewable projects in France to decrease the country's dependence on fossil fuels. He has indicated that asset sales are under consideration as one potential route for raising necessary funds. Fontana has previously expressed his commitment before lawmakers towards prioritising domestic nuclear projects. With France relying heavily on an ageing fleet of 57 nuclear reactors for electricity production, there is a pressing need to strengthen long-term power generation capabilities. EDF has been searching for external funding sources for two major UK-based nuclear reactor projects. In 20242, the utility invested €22.4bn, primarily in maintaining and upgrading France's 57 nuclear plants and power grids, and building two UK reactors, with only 12% of capital expenditure allocated to renewables. Early in his second term, which began in January 2025, US President Donald Trump signed an executive order aimed at repealing or altering tax credits for solar and wind projects, citing concerns about reliability and cost-effectiveness compared with other energy sources. In February 2025, EDF incurred an impairment of €934m on its Atlantic Shores offshore wind farm project, a joint venture with Shell located off the US state of New Jersey. The project's development permit was revoked in March. In June, EDF announced a £1.1bn ($1.49bn) investment in the UK's Sizewell C nuclear project. This investment will secure a 12.5% stake for EDF in Sizewell C, and create thousands of jobs in the UK. "EDF mulls stake sale for North American and Brazilian renewables" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
17-07-2025
- Business
- Business Wire
AM Best Assigns Issuer Credit Rating to Fontana Holdings L.P.; Affirms Credit Ratings of Member Companies
BUSINESS WIRE)-- AM Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb+' (Good) to Fontana Holdings L.P. The outlook assigned to this Credit Rating (rating) is stable. Concurrently, AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of Fontana Reinsurance U.S. Ltd. and Fontana Reinsurance Ltd., which are subsidiaries of Fontana Holdings L.P. The outlook of these ratings is stable. All companies are domiciled in Bermuda and collectively referred to as Fontana. The ratings reflect Fontana's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management (ERM). Fontana Holdings L.P. is a joint venture between RenaissanceRe Holdings Ltd. (RenaissanceRe) [NYSE:RNR] and various third-party capital partners. Both Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. are ultimately owned by Fontana Holdings L.P., and each company's rating considers its strategic importance to Fontana. Fontana is critical to RenaissanceRe's diversification, being the first joint venture focused on casualty and specialty risk. Fontana is managed solely by Renaissance Underwriting Managers, Ltd. (RUM) and is consolidated into RenaissanceRe's financial statements. Fontana started operations in April 2022 with USD 475 million in committed capital and has assumed a whole account quota share of RenaissanceRe's casualty and specialty book of business. Fontana's capital has been supported by its parent, which has raised capital successfully over the past years to support the growth of Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. The ratings of the Fontana entities continue to reflect the strength and depth of RenaissanceRe's management team and its leadership in ERM, as well as the benefits that should accrue to Fontana as a result of RenaissanceRe—through RUM—managing underwriting, pricing, risk selection, reserves, investments, claims, etc. AM Best notes that Fontana's operating performance and overall balance sheet strength have been maintained at levels consistent with expectations over its relatively short operating history. As the companies gain scale, AM Best expects that Fontana will generate underwriting profits and earnings to support the adequate operating performance, and that risk-adjusted capitalization will be maintained at levels to support the strong balance sheet assessment, broadly consistent with RenaissanceRe's long-term risk appetite for this entity. 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.
