Latest news with #financialturnaround
Fox News
2 days ago
- Business
- Fox News
Washington Post reeling from buyout exodus as bosses hope to turn the page at embattled paper
The latest round of buyouts at The Washington Post is hollowing out the paper of its most high-profile staffers as current management aims for an editorial overhaul and a financial turnaround. Washington Post executive editor Matt Murray announced its Voluntary Separation Program (VSP) in May, hoping that most veteran staffers would be enticed by the exit offer. And it's working. "It kind of shows the crazy incentives at play," one Post staffer told Fox News Digital. "There is a lot of great talent left, and we've been beating everyone on the federal government story, but it's going to be another talent drain." According to a VSP document previously viewed by Fox News Digital, nine months of base pay would be given to staffers employed for 10-15 years, 12 months of base pay for 15-20-year veterans, 15 months of base pay for 20-25-year veterans and 18 months for anyone who has worked at the Post for more than 25 years. All of them would also receive 12 months of pay credit in their Separate Retirement Account (SRA). "It's been a bloodbath on editorial," the Post staffer said. Some of the paper's biggest names in the opinion pages have taken buyouts, including Jonathan Capehart and Catherine Rampell (both notably MSNBC weekend hosts) as well as Perry Bacon Jr. and Philip Bump. The exodus from the editorial pages was also likely fueled by the Post's billionaire owner Jeff Bezos and his initiative to promote "personal liberties and free markets" while vowing not to publish pieces opposing those principles. Washington Post columnist Karen Attiah appeared to swipe the lack of diversity on the paper's editorial team as a result of the buyouts, posting on X "So.. officially, I'm the last Black staff columnist left in the Washington Post's opinion section." The buyouts, however, are having a huge impact throughout the "Democracy Dies in Darkness" paper. Glenn Kessler, The Washington Post's longtime fact checker, announced his exit Monday and its Supreme Court reporter Ann Marimow has joined The New York Times. Even most of the Post's obituary team have reportedly taken buyouts. The Post scrapped its so-called "third newsroom," dubbed WP Ventures, that aimed to capture social media users. Veteran Post editor Krissah Thompson, who was tapped to lead the now-defunct division after its launch last year, also took a buyout and the paper's viral TikTok personality Dave Jorgenson also left the company. Earlier this month, Washington Post CEO Will Lewis sent a memo to staff issuing an ultimatum for those contemplating whether to adapt to the paper's new direction. "The moment demands that we continue to rethink all aspects of our organization and business to maximize our impact," Lewis wrote in the memo obtained by Fox News Digital. "If we want to reconnect with our audience and continue to defend democracy, more changes at The Post will be necessary. And to succeed, we need to be united as a team with a strong belief and passion in where we are heading." "I understand and respect, however, that our chosen path is not for everyone," Lewis continued. "That's exactly why we introduced the voluntary separation program. As we continue in this new direction, I want to ask those who do not feel aligned with the company's plan to reflect on that. The VSP is designed to support you in making this decision, give you the ability to weigh your options thoughtfully and with less concern about financial consequences. And if you think that it's time to move on to a new chapter, the VSP helps you take that next step with more security." The Post staffer seemed skeptical the jarring editorial pivot would bear the fruit that the bosses were hoping for. "So far they don't have much to show for their efforts," the staffer said. "Subscribers fled. Traffic is falling. The third newsroom is dead. Scores of brand-name reporters and editors have left. If there are bright spots, I haven't seen them yet." Others who left the Post had some choice parting words. Longtime columnist Joe Davidson claimed he had a piece spiked because was it was "deemed too opinionated under an unwritten and inconsistently enforced policy" and called out Bezos' "unseemly and well-document[ed] coziness" with President Donald Trump. Editorial board member Eduardo Porter said he was a "bad fit for this ideological turn" and that Bezos and his team "are taking the paper down a path I cannot follow," risking turning The Post "into something more akin to a church, with tight constraints on thought." There have been multiple waves of exits from the Post over the past year, beginning last October when Bezos blocked the paper's endorsement of then-Vice President Kamala Harris just days before the election. Bezos further enraged staff with his editorial directive in February that resulted in the immediate resignation of Post opinion editor David Shipley. Both instances also sparked mass cancellations of reader subscriptions. The Post has since hired Adam O'Neal, formerly of The Economist and The Wall Street Journal, to replace Shipley as opinion editor. In his announcement, O'Neal echoed Bezos' mission of being "stalwart advocates of free markets and personal liberties," adding the opinion pages will be "unapologetically patriotic" and will not be lecturing its readers. Politico has a running list of over 100 Post employees who have left the paper since last fall, many of them joining rival papers like The New York Times and The Wall Street Journal as well as outlets like The Atlantic and CNN. A spokesperson for The Washington Post declined to comment.
Times
23-07-2025
- Business
- Times
Cheltenham Cricket Festival saved from extinction as thousands return
The future of the Cheltenham Cricket Festival, the oldest of its type dating back to 1872, was in serious doubt after two years of dwindling crowds and heavy financial losses. What used to be a cash cow for Gloucestershire quickly turned into an albatross around their neck, due to the fallout of the Covid pandemic and some unfortunate decision-making around how it was run. Now, however, some good news: the punters have returned, a profit is forecast for this year, and fears of the festival's demise have receded. The only gripe for home fans this week was having to watch Lancashire amass 557 runs on Wednesday. After the festival yielded losses of £80,000 last year and a 'significant' five-figure amount in 2023, changes were desperately needed. The turnaround has been jointly masterminded by two old boys of Cheltenham College, where the festival is staged, who have attended every edition since the 1970s. Peter Matthews, a senior partner in the accounting firm Ernst & Young, took over as Gloucestershire chairman last winter before recalling Chris Coley, an expert in the hospitality business, to take charge of the festival. 'There were a lot of factors against us last year, when it was almost a perfect storm,' Matthews said. 'The weather was pretty horrific, and we didn't get many walk-ups. Cheltenham is 37 per cent walk-ups. We had only one championship match and went for three T20s as we thought they would sell out. They didn't.' In its halcyon days, the festival, which was successfully run by Coley from 1979 to 2019, would make the county up to a six-figure profit each year. During Covid, though, the club decided to dispense with his services and take the festival back in-house. His return has led to an immediate spike in much of the lost marquee and corporate business that used to make the festival so much of its money. 'Chris has played a huge role in this by effectively going round Cheltenham and saying, 'We can't keep running at a loss, so please support it,' ' Matthews added. 'People take it that it will always be there — it can't always be there. Simple as that. His pleas would appear to have been listened to.' After a sell-out 5,000-strong crowd for a T20 Blast match on Thursday, the first two of eight days of championship cricket on the College Ground have attracted 2,400 and 3,000 respectively. Matthews is confident that, at this rate, the festival's finances will return to the black. 'I think we'll make a five-figure profit,' he said. 'Three days in, we're ahead of budget. We made close to six figures in the good old days but that was a different era of cricket, which you need to recognise. There was also a big hospitality market then, but every county is saying that it is a bit harder than it was.' Getting batsmen out at Cheltenham is also harder than it was with three players scoring hundreds on Wednesday, including a maiden one by Tom Hartley. He and Chris Green, who struck a career-best 160 off 199 balls, put on 212 in 46 overs, breaking a Lancashire ninth-wicket record that had stood since 1907. Green slog-swept six of his eight sixes off his Australian compatriot, Todd Murphy, the off-spinner. Gloucestershire's left-handed opener, Ben Charlesworth, 24, outpaced both of them to three figures, doing so off 123 balls with some fine back-foot strokeplay. Lancashire's only bowling success came when Jimmy Anderson nipped one back through Cameron Bancroft's defences in his third over.
Zawya
21-07-2025
- Business
- Zawya
Oman: Raysut Cement reports strong H1, global gains
MUSCAT - Raysut Cement Company (RCC) Group, Oman's largest cement producer, has reported a significant financial turnaround in the first half of 2025, marking a major step in its transformation into a resilient and forward-looking industry leader. The Group's consolidated revenue rose by 30.8% to RO 41.3 million, while net losses were reduced by 38% compared to the same period in 2024. This performance reflects a successful strategy implemented across its operations, including key contributions from its UAE-based subsidiary Pioneer Cement Industries and its growing presence in the Maldives. Pioneer Cement Industries (PCI), a wholly owned subsidiary of RCC in the UAE, has become a central pillar in the Group's recovery. PCI's capacity utilisation surged to 88% in the first half of the year, up from just 40% during the same period in 2024. This turnaround is attributed to improved operational discipline and a renewed commercial focus. PCI succeeded in attracting bulk cement customers in the UAE and increased its monthly sales by an average of 50,000 metric tonnes. It also developed premium clinker products with higher margins and introduced a smart pricing mechanism to enhance competitiveness. In an interview with the Observer, Acting CEO Dr Hilal Saif al Dhamri highlighted the importance of these strategic gains. 'Pioneer Cement's recovery is a textbook example of how operational excellence and smart market positioning can deliver real results,' he said. 'We have restored its reputation and repositioned it as a high-performing, quality-driven asset within our Group.' RCC's strategic expansion into the Maldives has also paid dividends. Its 75%-owned subsidiary, Maldives Raysut Cement Company, has become a preferred supplier for major infrastructure projects in the island nation. The Group now holds a 35% share of total cement imports to the Maldives. Despite logistical hurdles typical of island markets, the company introduced efficient distribution models and launched specialised marine-grade cement to meet coastal construction demands. 'The Maldives is a key part of our international growth strategy,' Dr Al Dhamri added. 'We've established ourselves as a reliable partner for national development projects, and our localised approach is helping us build long-term customer trust.' On the sustainability front, RCC is setting new benchmarks at its flagship Salalah plant. The company is implementing a Waste Heat Recovery System that will generate 9MW of clean electricity annually, cutting CO₂ emissions by an estimated 50,000 tonnes per year and saving around RO 1.5 million in energy costs. Alongside this, a Refuse-Derived Fuel (RDF) project is being rolled out to process about 700 tonnes of municipal waste per day into alternative fuel, replacing 15% of the plant's natural gas consumption. These initiatives support Oman's environmental goals and demonstrate the financial viability of green technology in heavy industry. At the Sohar Cement Factory, monthly sales increased by 32,000 metric tonnes, contributing to stronger Group-wide performance. Strategic price optimisation in export markets has also helped bolster revenues and create a more sustainable business model. With these achievements, RCC is entering a new phase of sustained growth under Dr Al Dhamri's leadership. 'We've laid a strong foundation by revitalising our core operations, expanding internationally, and leading on sustainability,' he noted. 'Our focus now is to accelerate our momentum and secure our position as a regional industry leader.' As 2025 progresses, Raysut Cement stands as a model of industrial transformation—one that combines operational discipline, market diversification, and environmental responsibility to drive long-term value for Oman's cement sector and the wider region. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
The Sun
16-07-2025
- Business
- The Sun
Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good
A MAJOR card chain has launched a closing down sale as it shuts more shops. Clintons closed 38 stores leading to over 300 jobs losses in the previous financial year. 2 During its latest financial update, the company acknowledged the possibility of additional closures. One of its branches in Rugby Central is set to close after it recently launched a closing down sale. While they haven't yet confirmed a date, staff told Warwickshire World that "it could be next April". Last month its Keighley, West Yorkshire store closed its doors on June 14. In the run up to the closure, the store offered 20 per cent discounts across items. Another store in Leamington Spa was offering discounts of up to 50 per cent as part of an "everything must go" sale. The Warwickshire branch is yet to announce a final closure date. Two other stores - in Halifax and Andover - shut for good in April. The closures come even after a financial turnaround that saw it return to profit. Clintons said that rising costs driven by labour tax hikes and the increasing minimum wage continued to make some of its stores financially unviable. The popular card shop announced a pre-tax profit of £8 million for the financial year ending 29 June 2024. It was a notable turnaround from the previous financial year which saw a £5.3 million pre-tax loss. In March 2024, the company was acquired by Pillarbox Designs. A statement from Clintons read: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores. "The high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on year. "The company continues to monitor the performance of the existing estate and to close the poor performing stores, which, whilst impacting on turnover, should improve profitability moving forwards." Like many businesses, Clintons now faces higher employer national insurance contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour. Clintons was first launched back in 1968 - and quickly became a go-to for Brits looking for greetings cards. At its peak the chain boasted more than 1,000 branches across the country. This has now dropped to just 163 brick-and-mortar stores. 2
Forbes
26-06-2025
- Business
- Forbes
Walgreens Outlook Improves As Buyout Faces Shareholder Vote Next Month
News that Walgreens Boots Alliance quarterly loss was better than expected and pharmacy sales were ... More rising bodes well for a financial turnaround under new ownership, analysts said after the company's June 26, 2025 earnings report. In this photo is a sign outside a Walgreens store in San Pablo, California, US, on Tuesday, Oct. 15, 2024. Photographer: David Paul Morris/Bloomberg News that Walgreens Boots Alliance quarterly loss was better than expected and pharmacy sales are rising bodes well for a financial turnaround under new ownership. Under future owner Sycamore Partners, analysts expect cost-cutting to escalate once the private equity firm's $10 billion purchase of Walgreens is complete before the end of this calendar year. One of the first major hurdles is a vote of shareholders at a special meeting on July 11. But there's been no serious opposition that has emerged to the purchase by Sycamore, which is paying $11.45 per share — 29% above the December stock price. Sycamore also agreed to 'one non-transferable right" to receive up to $3 in cash per Walgreens share 'from the future monetization of WBA's debt and equity interests in VillageMD, which includes the Village Medical, Summit Health and CityMD businesses,' the companies said of Walgreens' primary care businesses. Walgreens reported a net loss of $175 million, or 20 cents a share, in the company's fiscal third quarter ended May 31 compared to net income of $344 million, or 40 cents a share, in the year-ago period. Total sales rose 7% to $39 billion in its third quarter. Walgreens chief executive officer Tim Wentworth highlighted what he called 'continued improvement' in the company's U.S. Healthcare segment, that includes Village Medical, Summit and CityMD. The U.S. healthcare segment, which reported $2.1 billion in third quarter sales, reported an operating loss of $64 million, which was much improved over the operating loss of $220 million in the year-ago quarter, 'reflecting lower acquisition-related amortization and higher contributions from VillageMD risk-based business,' Walgreens said. Meanwhile, analysts were impressed with Walgreens ability to produce 'positive free cash flow in the quarter, a key positive given recent negative free cash flow trends,' Ann Hynes and colleagues at Mizuho Securities USA wrote in a report Thursday. 'WBA continues to expect Sycamore Partner's acquisition of the company to close in either the third of fourth quarter of calendar year 2025.' The Sycamore deal comes after Walgreens, which had a market value of more than $100 billion a decade ago, undertook the failed VillageMD in-store clinic rollout that led it to close hundreds of stores to reduce debt and stem financial losses. Wentworth said Walgreens is benefiting from 'cost savings initiatives' that include closing underperforming stores. Walgreens is on pace to meet its goal of closing 1,200 stores by its fiscal 2027. The company, which operates about 8,000 U.S. stores, has closed a little more than 400 stores in the first nine months of its fiscal year ended May 31 and said it would close 500 in this fiscal year. Walgreens third quarter results were much improved over its second quarter when the company in March reported a $2.8 billion loss thanks to a large impairment charge related to its struggling doctor-staffed clinic investment in VillageMD. Analysts who follow Walgreens see the move to private ownership as another plus because the company and a stock price attached to public ownership will no longer be subject to the whims of Wall Street. 'By making the move to go private, Walgreens will have the time for reinvention, something not possible as a public company chasing quarterly numbers," said Dave Mayer, Senior Partner at the brand consultancy Lippincott.
