Latest news with #Semafor
Middle East Eye
a day ago
- Business
- Middle East Eye
Saudi Arabia's Neom weighs deep layoffs and relocations: Report
Neom is considering laying off up to 1,000 employees - an estimated 20 percent of its full-time staff - in another sign that Saudi Arabia is scaling back its premier giga-project, Semafor reported on Friday. The website reported that Neom was weighing the layoffs as part of a broader overhaul that could also see more than 1,000 employees leave Neom's construction site on the kingdom's northwestern Red Sea coast, and relocate to Riyadh. The plans are not finalised and could change, Semafor said. The report is the latest in a string of articles that indicate Saudi Arabia is curbing its ambitions when it comes to Neom, the gigaproject designed to remake Saudi Arabia's Red Sea coast with luxury beach hotels, a ski resort, a 170km-long, futuristic city called "The Line", and an industrial park. Bloomberg reported earlier this week that Saudi Arabia asked consulting firms to review the feasibility of "The Line'. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Meanwhile, The Financial Times reported earlier this year that the kingdom had launched a "comprehensive review" of Neom. The practicality of Neom has long been a source of debate, including among investors who doubt whether the kingdom can attract people to live in the futuristic, remote city. Saudi Arabia's $ 1 trillion Public Investment Fund, known as PIF, is funding Neom's construction. The project has faced setbacks due to lower energy prices and limited interest from foreign investors. Neom is the most ambitious part of Crown Prince Mohammed bin Salman's efforts to reduce the kingdom's dependency on oil revenue and diversify its economy. He has been more successful pushing through liberalising social reforms, investing PIF money in startups and expanding Riyadh. At the same time, he has cracked down on dissent. Why Saudi Arabia can spend more money than it makes, even as oil prices drop Read More » For now, the kingdom is still reliant on oil revenue to fund its ambitious projects. Oil accounts for roughly 61 percent of Saudi Arabia's revenue, according to its 2025 budget. Brent crude, the international benchmark, has been trading below $70 per barrel for most of this year, well below the $100 per barrel level that economists say Saudi Arabia needs to balance its budget. Neom has also been plagued by internal challenges. Nadhmi al-Nasr, who managed Neom's construction from 2018 to 2024, departed from his post in November. He earned a chilling reputation, reportedly bragging that he put everyone to work 'like a slave' and 'When they drop down dead, I celebrate. That's how I do my projects.' Nasr said last year that Neom had 5,000 full-time staff and 140,000 contractors. Semafor reported that Neom is considering ending Nasr's policy that Neom staff be based at the desolate construction site. The employees who move to Riyadh will lose current benefits that include housing and meals paid for by Neom. Workers - mainly western expats - who vlogged their lives at the camp showed ultra-modern but bland housing complexes in barren landscapes.
Yahoo
2 days ago
- Business
- Yahoo
CSX (CSX) Stock Is Up, What You Need To Know
What Happened? Shares of freight rail services provider CSX (NASDAQ:CSX) jumped 3.1% in the afternoon session after a report revealed that rival railroad operator Union Pacific (NYSE: UNP) was exploring a potential acquisition. According to a report from Semafor, Union Pacific, the largest publicly traded railroad in the U.S., has engaged investment bankers from Morgan Stanley to assess a possible deal. While no specific target was named, the move has fueled speculation that Union Pacific could be looking to create a transcontinental network by acquiring an East Coast carrier like CSX or Norfolk Southern. This news sent shares of both potential targets higher, with investors anticipating a possible takeover premium. The potential for a merger comes as some analysts express confidence in CSX's future, with Benchmark recently raising its price target on the stock to $37, maintaining a "buy" rating. After the initial pop the shares cooled down to $34.21, up 2.9% from previous close. Is now the time to buy CSX? Access our full analysis report here, it's free. What Is The Market Telling Us CSX's shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. The biggest move we wrote about over the last year was 9 months ago when the stock dropped 5.6% on the news that the company reported underwhelming third-quarter earnings results. Its EPS missed, and its revenue fell short of Wall Street's estimates. Notably, the top line was negatively impacted by declining coal prices, lower fuel surcharge, and a reduction in other revenue. Overall, this quarter could have been better. CSX is up 6.4% since the beginning of the year, and at $34.21 per share, it is trading close to its 52-week high of $36.88 from November 2024. Investors who bought $1,000 worth of CSX's shares 5 years ago would now be looking at an investment worth $1,422. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. 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
The Hill
3 days ago
- Politics
- The Hill
Fetterman: ‘I'm not on social media at all'
Sen. John Fetterman (D-Pa.) said Wednesday he is 'not on social media at all' after New York Magazine reported in May that a former aide had said the social media platform X was often a focus of the senator. 'I'm actually not on — I'm not on social media at all,' Fetterman said at a Wednesday event for Semafor. 'I try to remind people that social media is the funhouse mirror of the distortion of reality,' the Pennsylvania Democrat later added. 'And wherever I go in public, people are lovely, and they're really actually kind and very supportive, and 'Hey, can we have a picture and shake your hand?' kind of a thing.' 'So, I would just remind anybody, the world that you see on those social media is just not the reality,' he continued. In May, New York Magazine reported that former Fetterman staffer Adam Jentleson said the lawmaker had a fixation with X. Fetterman stated his depression was intensified by the app. Fetterman dismissed the magazine's report, which described concerns from some of his past and then-staffers over his mental state a few days after it came out. 'It's a one-source story with a couple of anonymous sources, a hit piece from a very left publication,' Fetterman told NBC News when questioned over the story. Fetterman said later in May that former aides who had voiced concerns over his mental health had a 'bizarre grudge' against him. The Pennsylvania Democrat, who was hospitalized in 2023 for clinical depression, nine months after a stroke, said this spring that he was well and planned to stay in office for the rest of his Senate term.
Yahoo
3 days ago
- Automotive
- Yahoo
New data reveals concerning trend in Tesla's customer base: 'Very dangerous for the brand'
A new poll revealed that Tesla is faltering among people across the political aisle. Unfortunately for the brand, it's not the first time it has faced this kind of issue, with owners reporting embarrassment and disapproval of CEO Elon Musk's behavior. Semafor published data from the Electric Vehicle Intelligence Report that demonstrated Tesla's brand perception has diminished among self-described Democrats, Republicans, and Independents. After Musk aligned himself with Republicans, some people thought Tesla's popularity among them would increase. However, the poll showed the opposite, with Republicans 11% less likely to buy a Tesla now, according to Semafor. The survey of 8,000 consumers suggested that Musk's foray into politics may have harmed the brand. "What he's done by wrapping Tesla into his political adventures, and, now, misadventures is very dangerous for the brand," Evan Roth Smith of Slingshot Strategies said, per Semafor. The shift in public opinion may not seem like a big deal, but it could have impacts across the industry. For example, Battery Technology reported that some executives believed Musk's political activities could have inspired Republicans to try EVs. However, that didn't pan out, as the EVIR data displayed. Battery Technology also suggested that people may be more concerned about buying a Tesla because they don't want to be associated with Musk or fear repercussions such as vandalism. Another potential issue is that Tesla's decline in public favor could create a gap in the EV market, as described by the Detroit Free Press. Considering Tesla became an industry leader and common household name, that's a significant hole for other brands to fill. Building trust in EVs takes time, which means consumers may not want to switch to another manufacturer. As a result, fewer people may be interested in EVs, which could lead to less production of these vehicles, as NPR reported. Additionally, fewer EVs on the road means that more cars powered by dirty energy sources are releasing pollutants into the air. Do you think Tesla can bounce back from its recent struggles? Yes It depends on Elon's actions I don't think it's struggling Nope Click your choice to see results and speak your mind. With all that said, the EV market can continue to gain customers' trust. For example, one of the biggest barriers to owning an EV is cost, whether you're interested in a Tesla or the Nissan Leaf. Making these cars more affordable will be especially crucial when the EV tax credit expires in September, as CNBC reported. It may also be beneficial if manufacturers make charging easier or the government expands public charging facilities. In the meantime, if you're ready to switch to a hybrid or EV, research manufacturers and models to find the right option for your needs. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
3 days ago
- Automotive
- Yahoo
New data reveals concerning trend in Tesla's customer base: 'Very dangerous for the brand'
A new poll revealed that Tesla is faltering among people across the political aisle. Unfortunately for the brand, it's not the first time it has faced this kind of issue, with owners reporting embarrassment and disapproval of CEO Elon Musk's behavior. Semafor published data from the Electric Vehicle Intelligence Report that demonstrated Tesla's brand perception has diminished among self-described Democrats, Republicans, and Independents. After Musk aligned himself with Republicans, some people thought Tesla's popularity among them would increase. However, the poll showed the opposite, with Republicans 11% less likely to buy a Tesla now, according to Semafor. The survey of 8,000 consumers suggested that Musk's foray into politics may have harmed the brand. "What he's done by wrapping Tesla into his political adventures, and, now, misadventures is very dangerous for the brand," Evan Roth Smith of Slingshot Strategies said, per Semafor. The shift in public opinion may not seem like a big deal, but it could have impacts across the industry. For example, Battery Technology reported that some executives believed Musk's political activities could have inspired Republicans to try EVs. However, that didn't pan out, as the EVIR data displayed. Battery Technology also suggested that people may be more concerned about buying a Tesla because they don't want to be associated with Musk or fear repercussions such as vandalism. Another potential issue is that Tesla's decline in public favor could create a gap in the EV market, as described by the Detroit Free Press. Considering Tesla became an industry leader and common household name, that's a significant hole for other brands to fill. Building trust in EVs takes time, which means consumers may not want to switch to another manufacturer. As a result, fewer people may be interested in EVs, which could lead to less production of these vehicles, as NPR reported. Additionally, fewer EVs on the road means that more cars powered by dirty energy sources are releasing pollutants into the air. Do you think Tesla can bounce back from its recent struggles? Yes It depends on Elon's actions I don't think it's struggling Nope Click your choice to see results and speak your mind. With all that said, the EV market can continue to gain customers' trust. For example, one of the biggest barriers to owning an EV is cost, whether you're interested in a Tesla or the Nissan Leaf. Making these cars more affordable will be especially crucial when the EV tax credit expires in September, as CNBC reported. It may also be beneficial if manufacturers make charging easier or the government expands public charging facilities. In the meantime, if you're ready to switch to a hybrid or EV, research manufacturers and models to find the right option for your needs. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
