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Tag: COST

  • Toth Financial Advisory Corp Cuts Position in Costco Wholesale Co. (NASDAQ:COST)

    Toth Financial Advisory Corp Cuts Position in Costco Wholesale Co. (NASDAQ:COST)

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    Toth Financial Advisory Corp reduced its holdings in shares of Costco Wholesale Co. (NASDAQ:COSTFree Report) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,842 shares of the retailer’s stock after selling 54 shares during the quarter. Toth Financial Advisory Corp’s holdings in Costco Wholesale were worth $1,633,000 at the end of the most recent quarter.

    Several other large investors also recently made changes to their positions in the business. Wulff Hansen & CO. lifted its position in shares of Costco Wholesale by 99,208.6% during the second quarter. Wulff Hansen & CO. now owns 1,474,733 shares of the retailer’s stock worth $1,253,508,000 after purchasing an additional 1,473,248 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Costco Wholesale by 287.3% in the second quarter. Assenagon Asset Management S.A. now owns 836,247 shares of the retailer’s stock worth $710,802,000 after acquiring an additional 620,341 shares in the last quarter. Strategic Financial Concepts LLC boosted its holdings in Costco Wholesale by 51,747.5% in the second quarter. Strategic Financial Concepts LLC now owns 619,578 shares of the retailer’s stock valued at $5,266,000 after purchasing an additional 618,383 shares during the last quarter. Vanguard Group Inc. grew its stake in Costco Wholesale by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 40,833,870 shares of the retailer’s stock valued at $29,916,118,000 after purchasing an additional 473,702 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Costco Wholesale in the 1st quarter valued at approximately $285,618,000. Institutional investors and hedge funds own 68.48% of the company’s stock.

    Analyst Ratings Changes

    Several brokerages have weighed in on COST. Wells Fargo & Company raised their price objective on shares of Costco Wholesale from $800.00 to $850.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Oppenheimer boosted their price objective on Costco Wholesale from $955.00 to $980.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Roth Mkm increased their target price on Costco Wholesale from $676.00 to $755.00 and gave the stock a “neutral” rating in a report on Friday, September 27th. Bank of America boosted their price target on Costco Wholesale from $874.00 to $962.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $1,000.00 price objective on shares of Costco Wholesale in a research note on Thursday, October 10th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $890.07.

    Check Out Our Latest Report on Costco Wholesale

    Costco Wholesale Stock Performance

    Shares of NASDAQ COST opened at $886.77 on Tuesday. Costco Wholesale Co. has a 1 year low of $540.23 and a 1 year high of $923.83. The firm has a market cap of $393.14 billion, a P/E ratio of 54.94, a PEG ratio of 5.48 and a beta of 0.80. The stock has a fifty day moving average price of $889.73 and a two-hundred day moving average price of $835.23. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.44 and a current ratio of 0.97.

    Costco Wholesale (NASDAQ:COSTGet Free Report) last released its earnings results on Thursday, September 26th. The retailer reported $5.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.05 by $0.10. Costco Wholesale had a return on equity of 31.05% and a net margin of 2.90%. The firm had revenue of $79.70 billion for the quarter, compared to analyst estimates of $79.91 billion. During the same period in the previous year, the company earned $4.86 earnings per share. Costco Wholesale’s revenue was up 1.0% compared to the same quarter last year. Research analysts forecast that Costco Wholesale Co. will post 17.74 EPS for the current fiscal year.

    Costco Wholesale Announces Dividend

    The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a $1.16 dividend. The ex-dividend date is Friday, November 1st. This represents a $4.64 annualized dividend and a yield of 0.52%. Costco Wholesale’s dividend payout ratio (DPR) is 28.75%.

    Insider Buying and Selling at Costco Wholesale

    In other news, EVP Pierre Riel sold 2,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $896.71, for a total transaction of $1,793,420.00. Following the completion of the sale, the executive vice president now directly owns 10,210 shares of the company’s stock, valued at $9,155,409.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Costco Wholesale news, EVP Claudine Adamo sold 3,200 shares of Costco Wholesale stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $888.99, for a total transaction of $2,844,768.00. Following the transaction, the executive vice president now directly owns 8,630 shares in the company, valued at approximately $7,671,983.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Pierre Riel sold 2,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $896.71, for a total value of $1,793,420.00. Following the completion of the sale, the executive vice president now owns 10,210 shares of the company’s stock, valued at $9,155,409.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,224 shares of company stock valued at $9,974,973. Corporate insiders own 0.18% of the company’s stock.

    About Costco Wholesale

    (Free Report)

    Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Iceland, New Zealand, and Sweden. The company offers branded and private-label products in a range of merchandise categories.

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    Want to see what other hedge funds are holding COST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Costco Wholesale Co. (NASDAQ:COSTFree Report).

    Institutional Ownership by Quarter for Costco Wholesale (NASDAQ:COST)

    Receive News & Ratings for Costco Wholesale Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Costco Wholesale and related companies with MarketBeat.com’s FREE daily email newsletter.

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  • Florida Realtors Relief Fund Offers $500K to Help Hurricane Victims

    Florida Realtors Relief Fund Offers $500K to Help Hurricane Victims

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    The Florida Realtors Relief Fund is offering $500,000 to help hurricane victims.

    The National Association of Realtors Realtors Relief Foundation announced a $500,000 grant to Florida Realtors to help Floridians with housing issues resulting from Hurricanes Milton and Helene.

    “So many people are struggling from the devastation caused by Hurricanes Milton and Helene in communities across our state,” says 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “The crucial first step is often dealing with housing needs. Thanks to the National Association of Realtors’ (NAR) Realtors Relief Foundation and their generous donation to help Florida residents in the wake of these hurricanes, people can find the housing assistance they need to rebuild their homes and their lives.”

    As a result, Florida Realtors is handling two charitable relief programs: its Disaster Relief Fund that focuses on housing challenges within the Realtor family after a natural disaster, and these grants through NAR’s Realtors Relief Foundation funding that offers money to any Floridian impacted by the storms and facing-housing related needs. Check online for more information or to apply for RFF assistance.

    Qualifications for NAR-funded assistance through the Realtors Relief Foundation:

    • Monthly mortgage expense for the primary residence that was damaged during Hurricane Helene and/or Hurricane Milton in September/October 2024; or
    • Rental cost due to displacement from the primary residence resulting from Hurricane Helene and/or Hurricane Milton in September/October 2024.
    • Submit only one application if you were impacted by Hurricane Milton and Hurricane Helene.
    • Maximum grant amount per household is $1,000.

    RRF applications for Hurricane Helene and Hurricane Milton close April 2, 2025. Recipients must be full-time Florida residents and citizens of the United States, or legally admitted for residence in the U.S.

    This assistance is for housing relief only; other expenses including second mortgages (home equity lines or loans), clothing, appliances, equipment, and vehicles (purchase, rental or repair and/or mileage) are ineligible for reimbursement under this program.

    Type of assistance offered to qualified applicants:

    • Monthly mortgage expense for the primary residence that was damaged during Hurricane Helene and/or Hurricane Milton in September/October 2024; or
    • Rental cost due to displacement from the primary residence resulting from Hurricane Helene and/or Hurricane Milton in September/October 2024. Relief assistance is limited to a maximum of $1,000 per household.

    All grants are contingent upon the availability of funds. As a result, aid will be provided on a first-come, first-serve basis.

    For more info, including how to apply and the applications for assistance, go to the Florida Realtors website.

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  • Los Angeles settles with Monsanto for $35 million over PCBs in waterways

    Los Angeles settles with Monsanto for $35 million over PCBs in waterways

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    Contamination of key Los Angeles waterways such as the Santa Monica Bay, Los Angeles Harbor and Echo Park Lake due to the spread of toxic chemicals is at the heart of a $35-million settlement between the L.A. City Council and agriculture giant Monsanto and two smaller companies.

    The City Council on Tuesday announced the payout by the companies to settle a lawsuit filed in 2022 over damage from long-banned chemicals called PCBs, which have been linked to health problems including cancer.

    The City Council approved the settlement at Tuesday afternoon’s meeting, voting 13 to 0 after a closed session. Councilmembers Imelda Padilla and Nithya Raman were absent.

    A call to the office of City Atty. Hydee Feldstein Soto was not immediately answered, nor was a call to Monsanto’s representation.

    In March 2022, then-City Atty. Mike Feuer sued Monsanto, which was swallowed by the German corporation Bayer in 2018, and smaller chemical companies Solutia Inc. and Pharmacia.

    The complaint sought compensation for the cost of past cleanups — and for future abatement of — polychlorinated biphenyls, or PCBs. The chemicals tainted and continue to pollute many Los Angeles waterways, including the Dominguez Channel, Ballona Creek, Marina del Rey and Machado Lake.

    “The city has expended millions and millions of dollars so far and is going to continue to expend millions and millions of dollars to remediate this issue,” Feuer said at the time.

    PCBs are human-made organic chemicals that have no known taste or smell and range in consistency from oils to waxes, according to the Environmental Protection Agency.

    They had several commercial uses, including in transformers and capacitors, oil used in motors and hydraulic systems, cable insulation, oil-based paint, caulking and plastics.

    PCBs were produced and used domestically from roughly 1929 until they were banned in 1979, according to the EPA.

    From the 1930s through 1977, Monsanto was the sole producer of PCBs in the United States, according to the National Library of Medicine.

    Exposure to PCBs increases the chances of a person developing cancer while diminishing the effectiveness of the immune system and damaging reproductive organs and the nervous system, according to the EPA.

    The lawsuit alleged that Monsanto knew that “its commercial PCB formulations were highly toxic and would inevitably produce precisely the contamination and human health risks that have occurred.” Instead of informing public officials, the company “misled the public, regulators, and its own customers about these key facts.”

    The lawsuit alleged that, as early as 1937, Monsanto acknowledged internally that PCBs produced “systemic toxic effects upon prolonged exposure.”

    Many of Los Angeles’ waterways had been impaired by PCB contamination, according to the lawsuit.

    The city has said that it continues to shoulder the cost and responsibility of cleaning these locales along with monitoring and analyzing samples.

    People face PCB exposure, according to the lawsuit, by eating contaminated food, breathing contaminated air, or drinking or swimming in contaminated water. Fish captured in contaminated waters and eaten also provide an avenue for PCB exposure.

    The settlement avoids a court trial, which presented some risk to the city.

    Seattle claimed a $160-million settlement with Monsanto in July over PCBs in the city’s drainage system and rivers.

    In May, however, an appeals court in Washington state overturned a $185-million verdict against Monsanto in a lawsuit brought by three teachers who claimed brain damage due to PCB leaks.

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    Andrew J. Campa

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  • Single-family landlord Invitation Homes misled consumers over cost of a home, the FTC alleges

    Single-family landlord Invitation Homes misled consumers over cost of a home, the FTC alleges

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    Invitation Homes, the nation’s largest single-family landlord, has agreed to pay $48 million to settle a handful of allegations, including that it illegally charged undisclosed junk fees, withheld tenant security deposits and engaged in unfair eviction practices.

    The settlement was announced Tuesday by the Federal Trade Commission. Among the main allegations made by the FTC was Invitation Homes deceived tenants over the total cost of renting one of its homes.

    The company, which owns or manages more than 100,000 homes nationwide, including more than 11,000 in California, did not include mandatory “junk” fees when advertising its rental rates, according to the FTC.

    These fees — for things like smart home technology and utility management — at times raised the cost of rent by more than $1,700 a year and were only disclosed when consumers went to sign their lease, the FTC alleged.

    By that time, the agency said consumers were in a bind because they had already paid a nonrefundable application fee of up to $55. They may have also forked over $500 to reserve a specific home, which they would only get back if they signed the lease.

    Sometimes, consumers weren’t made aware of the junk fees until after they signed the lease and moved in, authorities said.

    In addition to junk fees, the FTC alleged Invitation Homes rented out homes that were often in disrepair and systematically withheld security deposits for items that were not the tenant’s responsibility.

    Invitation Homes also engaged in several unfair eviction practices, the agency said. Among them, the company told struggling tenants during the pandemic that their only options were to pay, move out or face eviction and failed to inform them of federal eviction protections available at the time, the FTC alleged.

    “No American should pay more for rent or be kicked out of their home because of illegal tactics by corporate landlords,” Federal Trade Commission Chair Lina M. Khan said in a statement. “The FTC will continue to use all our tools to protect renters from unlawful business practices.”

    In a news release, Invitation Homes said it made no admission of wrongdoing as part of the settlement and described its disclosures and practices as “industry leading.”

    “Today’s agreement brings the FTC’s three-year investigation to a close and puts this matter behind the Company, which will, as always, move forward with its continuous efforts to better serve its customers and enhance its practices,” Invitation Homes said in a statement.

    The company, which started buying thousands of homes in the wake of the Great Recession, has reached multiple settlements this year.

    In July, it agreed to pay nearly $20 million to resolve allegations it made unpermitted renovations across its portfolio in California. In January, it agreed to pay several million to settle allegations it violated the state’s rent cap law.

    Under the settlement announced Tuesday, which still must be approved by a judge, consumers would receive refunds and Invitation Homes will be required to include all mandatory monthly fees in its advertised rent.

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    Andrew Khouri

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  • Mortgage rates are falling. How far will they go?

    Mortgage rates are falling. How far will they go?

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    For many prospective homebuyers, the last two years have been brutal as high home prices and mortgage rates produced the most unaffordable housing market since the 2000s bubble.

    Many experts don’t expect drastic improvement soon, but a shift could finally be underway.

    The cost of a 30-year fixed mortgage has fallen from above 7% in May to the low-6% range as of last week. On Wednesday, the Federal Reserve is expected to cut its benchmark interest rate for the first time since it began raising it in 2022 in a bid to fight inflation.

    “I think for the next two years, we are in a world where the pressure is on rates to come down,” said Daryl Fairweather, chief economist with real estate brokerage Redfin.

    How much mortgage rates will decline is unclear.

    The cost for a mortgage is heavily influenced by inflation because institutional investors that buy 30-year mortgages that are packed into bundles don’t want to see the value of their investment eaten away.

    Experts attribute the recent decline in mortgage rates to easing inflation, as well as expectations that because consumer prices are rising less, that will enable the Fed to cut its benchmark interest rate.

    The central bank’s federal funds rate does not directly affect mortgage rates, but it can do so indirectly since it sets a floor on all borrowing costs and provides a signal of how entrenched the Fed thinks inflation is.

    Keith Gumbinger, vice president of research firm HSH.com, said a Fed cut Wednesday may not move mortgage rates much because, to some extent, mortgage investors have already priced in the expectation that rates would decline.

    More cuts, however, are expected in the future.

    Gumbinger said if the Fed achieves a so-called soft landing — taming inflation without causing a recession — he would expect mortgage rates to be in the mid-5% range by this time next year.

    If the economy turns sour, mortgage rates could fall further, though even in that scenario Gumbinger doubted they’d reach the 3% and below range of the pandemic.

    Orphe Divounguy, a senior economist with Zillow, predicted that rates would not even fall to 5.5% but would stay around where they are, arguing that the economy is relatively strong and inflation is unlikely to ease much.

    “I don’t think we are going to see a huge drop, but what we have seen has been great for homebuyers so far,” he said.

    Indeed, even modest drops in borrowing costs can have a big effect on affordability.

    If a buyer puts 20% down on an $800,000 house, the monthly principal and interest payments would equal $4,258 with a 7% mortgage; $3,837 with a 6% mortgage; and $3,436 with a 5% mortgage.

    Whether dropping rates bring lasting relief is another question. Falling borrowing costs could attract a flood of additional buyers and send home prices higher — especially if increased demand isn’t met by an increase in supply.

    For now, the number of homes for sale is increasing modestly, rates are falling and home price growth is slowing.

    In August, home prices across Southern California dipped slightly from the prior month. Values were still up nearly 6% from a year earlier, but that was smaller than the 12-month increase of 9.5% in April, according to data from Zillow.

    In theory, this combination of factors could provide prospective buyers an opportunity to get into the market. Many don’t appear to be doing so.

    According to Redfin, 7.8% fewer homes across the U.S. went into escrow during the four weeks that ended Sept 8 compared with a year earlier.

    In Los Angeles County, pending sales were up 2% from a year ago but down from earlier in the summer.

    Fairweather said buyers might not be jumping in now because they haven’t realized rates have gone down or they are temporarily scared off by recent changes to real estate commission rules.

    Some agents say they are noticing a pickup.

    Costanza Genoese-Zerbi, an L.A.-area Redfin agent, said she’s recently noticed more first-time buyers out shopping, leading to an uptick in multiple offers in entry-level neighborhoods where people are more sensitive to rates.

    Other agents aren’t seeing much of a boost.

    Real estate agent Jake Sullivan, who specializes in the South Bay and San Pedro, has a theory: Homes are still far more expensive than they were just a few years ago.

    Home insurance costs have risen as well.

    “The cost of living is just so high,” Sullivan said.

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    Andrew Khouri

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  • WP Advisors LLC Reduces Holdings in Costco Wholesale Co. (NASDAQ:COST)

    WP Advisors LLC Reduces Holdings in Costco Wholesale Co. (NASDAQ:COST)

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    WP Advisors LLC trimmed its holdings in shares of Costco Wholesale Co. (NASDAQ:COSTFree Report) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,504 shares of the retailer’s stock after selling 72 shares during the period. WP Advisors LLC’s holdings in Costco Wholesale were worth $1,278,000 as of its most recent SEC filing.

    A number of other hedge funds have also modified their holdings of COST. Vanguard Group Inc. grew its stake in Costco Wholesale by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 40,833,870 shares of the retailer’s stock worth $29,916,118,000 after acquiring an additional 473,702 shares during the period. Norges Bank purchased a new stake in Costco Wholesale in the 4th quarter worth approximately $3,628,694,000. Capital World Investors grew its stake in Costco Wholesale by 8.1% in the 1st quarter. Capital World Investors now owns 3,824,778 shares of the retailer’s stock worth $2,802,147,000 after acquiring an additional 285,533 shares during the period. Fisher Asset Management LLC grew its stake in Costco Wholesale by 3.2% in the 4th quarter. Fisher Asset Management LLC now owns 2,794,480 shares of the retailer’s stock worth $1,844,581,000 after acquiring an additional 85,398 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Costco Wholesale by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,657,994 shares of the retailer’s stock worth $1,754,489,000 after acquiring an additional 77,345 shares during the period. 68.48% of the stock is owned by hedge funds and other institutional investors.

    Costco Wholesale Stock Performance

    Shares of COST stock opened at $892.38 on Friday. Costco Wholesale Co. has a 12 month low of $539.31 and a 12 month high of $918.93. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.94 and a quick ratio of 0.45. The firm has a market capitalization of $395.62 billion, a P/E ratio of 55.29, a P/E/G ratio of 5.98 and a beta of 0.78. The company’s fifty day moving average price is $854.20 and its two-hundred day moving average price is $794.02.

    Costco Wholesale (NASDAQ:COSTGet Free Report) last issued its quarterly earnings data on Thursday, May 30th. The retailer reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.08. Costco Wholesale had a net margin of 2.83% and a return on equity of 30.02%. The firm had revenue of $58.52 billion for the quarter, compared to analyst estimates of $58.16 billion. During the same quarter in the previous year, the business posted $3.43 EPS. The firm’s revenue was up 9.1% compared to the same quarter last year. On average, research analysts anticipate that Costco Wholesale Co. will post 15.98 earnings per share for the current fiscal year.

    Costco Wholesale Announces Dividend

    The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, July 26th were paid a $1.16 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 0.52%. Costco Wholesale’s dividend payout ratio (DPR) is presently 28.75%.

    Insider Transactions at Costco Wholesale

    In other Costco Wholesale news, insider Daniel M. Hines sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $844.20, for a total transaction of $1,266,300.00. Following the sale, the insider now owns 12,492 shares in the company, valued at $10,545,746.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Daniel M. Hines sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $844.20, for a total value of $1,266,300.00. Following the completion of the sale, the insider now directly owns 12,492 shares in the company, valued at approximately $10,545,746.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth D. Denman sold 350 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $851.53, for a total value of $298,035.50. Following the transaction, the director now owns 5,920 shares in the company, valued at $5,041,057.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,974 shares of company stock valued at $4,252,856. Insiders own 0.18% of the company’s stock.

    Wall Street Analyst Weigh In

    COST has been the subject of several recent analyst reports. TD Cowen lifted their target price on shares of Costco Wholesale from $850.00 to $925.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Loop Capital lifted their target price on shares of Costco Wholesale from $940.00 to $970.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Argus boosted their price objective on shares of Costco Wholesale from $805.00 to $900.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Wells Fargo & Company boosted their price objective on shares of Costco Wholesale from $775.00 to $800.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Finally, Barclays boosted their price objective on shares of Costco Wholesale from $765.00 to $830.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $824.50.

    Check Out Our Latest Stock Report on Costco Wholesale

    Costco Wholesale Profile

    (Free Report)

    Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Iceland, New Zealand, and Sweden. The company offers branded and private-label products in a range of merchandise categories.

    Featured Stories

    Want to see what other hedge funds are holding COST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Costco Wholesale Co. (NASDAQ:COSTFree Report).

    Institutional Ownership by Quarter for Costco Wholesale (NASDAQ:COST)

    Receive News & Ratings for Costco Wholesale Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Costco Wholesale and related companies with MarketBeat.com’s FREE daily email newsletter.

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  • Gov. Newsom signs bills to make it easier to provide shelter beds, build more ADUs

    Gov. Newsom signs bills to make it easier to provide shelter beds, build more ADUs

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    Gov. Gavin Newsom on Tuesday signed two bills that tweak existing shelter and ADU laws in an attempt to boost supply and make a dent in the state’s housing and homelessness crisis.

    One of the bills, Assembly Bill 3057, focuses on something called junior ADUs — units created within existing houses that can be up to 500 square feet and don’t need their own bathroom.

    Under the new law, junior ADUs — like larger ADUs — will be exempt from requirements under the California Environmental Quality Act that can add time and cost to projects.

    The bill’s author, Assemblymember Lori D. Wilson (D-Suisun City), called the exemption a “a small but significant technical change that offers Californians more accessible and efficient options to build affordable housing solutions.”

    The second bill, Assembly Bill 2835, was authored by Assemblymember Jesse Gabriel (D-Encino). It makes permanent a set of temporary rules that have made it easier to house homeless individuals in privately owned hotels and motels for longer than 30 days.

    Local governments, including Los Angeles, have increasingly turned to that strategy to get people off the streets, at times relying on state funding.

    “The homelessness crisis demands immediate and innovative action, not the status quo,” Newsom said in a statement. “With these new laws, local governments have even more tools to provide housing. I urge them to fully utilize the state’s unprecedented resources to address homelessness.”

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    Andrew Khouri

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  • Discovery Education Unveils New, Free Environmental Focused Learning Resources 

    Discovery Education Unveils New, Free Environmental Focused Learning Resources 

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    Charlotte, NC — Discovery Education today announced a new curated collection of free dynamic digital resources that encourages students to follow their curiosity and explore the natural world. These resources are made available to all students, teachers, and caregivers in the United States at no cost through the Environmental Education Initiative. Powered by worldwide edtech leader Discovery Education, the Environmental Education Initiative is a first-of-its-kind initiative designed to empower students to make informed decisions that support healthy environments and civic engagement. 

    The Environmental Education Initiative empowers learners with standards-aligned resources to explore contemporary topics in environmental studies. The newest content includes video lesson bundles and student activities exploring subjects such as energy conservation, forestry, clean drinking water, and more. 

    The resources from the Environmental Education Initiative are created with The National Environmental Education Foundation and other partners including Honeywell, LyondellBasell, Nucor, and Subaru of America, Inc. Each partner provides expertise, insight, and access to enable the creation of high-quality and standards-aligned dynamic digital resources and will help provide under-resourced schools across the United States no-cost access to the award-winning Discovery Education Experience learning platform.  

    “Experts at Stanford University carefully reviewed a body of academic literature over a 20-year period that measured the impacts of environmental education for K-12 students,” said Amy Nakamoto, Executive Vice President of Corporate Partnerships. “Among the benefits of environmental education were improved academic performance, enhanced critical thinking skills, improved life-building skills, and greater confidence, autonomy, and leadership. We are proud to work alongside our partners to help engage students in the world around them and build these essential skills.” 

    To access Environmental Education Initiative resources, visit environmentaleducationinitiative.discoveryeducation.com. Educators with access to Discovery Education Experience can find these resources on the Environmental Education Initiative Channel

    For more information about Discovery Education’s award-winning digital resources and professional learning solutions visit www.discoveryeducation.com, and stay connected with Discovery Education on social media through X, LinkedIn, Instagram, TikTok, and Facebook.      

    About Discovery Education 
    Discovery Education is the worldwide edtech leader whose state-of-the-art digital platform supports learning wherever it takes place. Through its award-winning multimedia content, instructional supports, innovative classroom tools, and corporate partnerships, Discovery Education helps educators deliver equitable learning experiences engaging all students and supporting higher academic achievement on a global scale. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in over 100 countries and territories. Inspired by the global media company Warner Bros. Discovery, Inc. Discovery Education partners with districts, states, and trusted organizations to empower teachers with leading edtech solutions that support the success of all learners. Explore the future of education at www.discoveryeducation.com

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  • 15 unique virtual field trips for students

    15 unique virtual field trips for students

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    Key points:

    Virtual field trips have become widely available thanks to more accessible virtual reality technology, and they saw a surge in popularity during the COVID-19 pandemic when physical field trips were impossible or severely restricted.

    But virtual field trips have always offered engaging and innovative alternatives to in-person field trips that are either too cost-prohibitive or geographically impossible to visit.

    Students can see large-scale processes up close, explore outer space, go back in time to visit ancient civilizations, or travel to different countries to see famous landmarks.

    Here are some great virtual field trips to explore with your students:

    1. Statue of Liberty: Created from 360-degree photos, students can explore the interior and exterior of the Statue of Liberty, along with taking a peek inside the museum.

    2. The Journey of Water: Roughly the size of Texas and Oklahoma combined, Colombia is the second most biologically diverse country on Earth—home to 10 percent of Earth’s plant and animal species! There are over 300 different ecosystems in Colombia. In this virtual field trip, students will explore the magical páramo ecosystem and the stunning mountain landscapes found just beyond the capital city of Bogotá.

    3. The Anne Frank House: Explore the hiding place of Anne Frank and her family in virtual reality using the ‘Anne Frank House VR’ app. The app provides a very special view into the Secret Annex where Anne Frank and the seven other people hid during WWII.

    4. American Museum of Natural History: Virtual field trips allow students of all ages to observe Museum exhibits up-close and complete an activity in order to gain scientific understandings.

    5. National WWII Museum: These virtual trips are streamed directly into your classroom–no special technology required. Focusing on the national impact of World War II, take your students on a cross-country tour of historic sites while examining fascinating artifacts and exhibits at The National WWII Museum. Hosted by student reporters, these virtual field trips will help your students understand how the war affected young people just like them.

    6. The Louvre: Visit the museum rooms and galleries, admire the palace architecture, and enjoy the views.

    7. The Great Barrier Reef: The Great Barrier Reef collection was part of the first group of underwater panoramic images added to Google Maps, the next step in our quest to provide people with the most comprehensive, accurate and usable map of the world. With these vibrant and stunning photos you don’t have to be a scuba diver—or even know how to swim—to explore and experience six of the ocean’s most incredible living coral reefs. Now, anyone can become the next virtual Jacques Cousteau and dive with sea turtles, fish and manta rays.

    8. The Nature Conservancy: Designed for ages 9-15 but customizable for all ages, virtual field trips allow students to travel the world and explore natural environments without leaving the classroom. Each virtual field trip contains a video, teacher guide and student activities.

    9. The British Museum: Explore more than 60 galleries at the British Museum from home. Gallery pages feature a range of exciting resources, including virtual tours with Google Street View, object highlights, timelines, family activities and facts.

    10. Great Wall of China: As China’s most famous attraction, the Great Wall of China is an essential stop on all China tours. Commonly considered a wonder of the world, the Great Wall boasts a history of over 2,000 years and stretches more than 3,000 miles across several provinces of northern China, making it one of the most impressive ancient structures on the planet.

    11. Ellis Island: On this Scholastic virtual field trip, students will experience first-hand what it felt like to come to the United States and progress through Ellis Island.

    12. Georgia Aquarium Ocean Voyager Cam: Explore the ocean’s great depths, virtually. Dive into vast, open waters in Ocean Voyager to learn about our whale sharks, manta rays, and over 90 other species that live in this 6.3-million-gallon exhibit.

    13. Amazon Fulfillment Center: From the online store to your doorstep, discover how computer science, state-of-the-art engineering, and incredible people deliver customer orders at Amazon.

    14. National Museum of Natural History Virtual Tours: The Smithsonian National Museum of Natural History virtual tours allow visitors to take self-guided, room-by-room tours of select exhibits and areas within the museum from their desktop or mobile device. Visitors can also access select collections and research areas at our satellite support and research stations as well as past exhibits no longer on display.

    15. Johnson Space Center: Join Boeing and Discovery Education on a mission to inspire the world through aerospace innovation with an exclusive virtual field trip to historic Johnson Space Center in Houston, Texas. This behind-the-scenes tour will introduce students to just a few of the amazing Boeing employees who are preparing to write the next chapter of space history with the launch of the Starliner/CST-100 spacecraft and the deployment of the Space Launch System (SLS).

    Laura Ascione
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  • Opinion: Despite noble intentions, California’s environmental law is hurting Latinos

    Opinion: Despite noble intentions, California’s environmental law is hurting Latinos

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    Latinos in California face significant disparities in income, homeownership and education compared with their counterparts in other states with substantial Latino populations such as Texas and Florida.

    Our state’s housing crisis is a big part of the explanation, and one cause of the crisis is the perversion of a well-intentioned 1970 law, the California Environmental Quality Act, known as CEQA. It has evolved into the most potent legal tactic to stifle housing development, contributing to high costs and limited affordability. Even when a proposed development can overcome the legal barriers, the homes finally approved are unaffordable to working families because a complex web of regulatory environmental mandates and fees add hundreds of thousands of dollars to the cost of each new home or apartment.

    This is an obstacle to upward mobility for all Californians, especially young people — which in this state means especially Latinos, who are 40% of the population and make up more than half of residents under 18. CEQA needs to be reformed to put the American dream back within reach for young Californians.

    The value of homeownership is profound, providing both housing and the long-term stability of being part of a neighborhood and school community, not to mention generational wealth and a nest egg. However, California is a hard place to achieve that dream. In 2022, only 46% of Latino households here owned their homes, compared with 51% nationwide. Rates were 59% in Texas, 55% in Florida and more than 70% in New Mexico.

    With median California home prices soaring past $900,000 in April, California’s housing policy choices have made homeownership a distant dream for most younger residents and for most hard-working Latino families, many of whom do not inherit wealth from their parents’ home equity and who are not on a path to pass along appreciated home equity to their children.

    CEQA, intended as a progressive environmental policy, now clearly undermines the economic potential of California’s Latino population. This process began in the 1970s, when a largely white, upper-class environmentalist movement emerged as a dominant political force. CEQA was enacted to minimize environmental harm from public works projects such infrastructure, but a 1972 court ruling expanded it to cover home building. After thousands of subsequent CEQA lawsuits, it now even applies to home remodeling.

    This law has strayed far from its intended purpose and needs to be reined in. Virtually anyone — even those with no direct interest in the project or the environment — can sue to block housing for any reason. Cases can be filed anonymously. Sometimes one real estate company even sues to block another’s project for competitive reasons.

    The state government’s Little Hoover Commission has urged the Legislature to exempt all infill housing from CEQA, which would allow more homes to be built on underutilized lots in areas that already have many homes. The commission also called for an end to anonymous CEQA lawsuits, a ban on lawsuits filed for non-environmental reasons, and the clarification and expedition of the CEQA process.

    Although California’s Legislature has enacted almost 200 laws since 2017 intended to boost housing supplies and reduce bureaucratic costs and delays, lawmakers have not reined in CEQA abuse. They also never authorized most of CEQA’s judicial mission creep. In its current interpretation, the law has come to be biased against changes to private views, against temporary construction noise during daytime hours and against common urban species such as seagulls and robins. Housing policies designed to overcome these CEQA obstacles, such as prioritizing infill high-density housing near transit, are economically infeasible in almost all of California while more affordable homes, in areas where Latino homeownership is actually increasing, continue to be pummeled by anti-development advocates.

    The upside-down mindset of current environmental policy ends up being anti-people and anti-environment. The California Air Resources Board, whose policies are enforced via CEQA, counts jobs and people who move out of a city or county as “greenhouse gas emission reductions” — even when these jobs and people relocate to states and even countries with far more lax environmental standards. California’s lost jobs and population would most likely increase global greenhouse gas emissions. So much for California’s climate change “leadership.”

    Agencies and advocates promoting this “de-growth” agenda through CEQA share the “no growth” dogma of the environmentalists of the 1970s, which then and now really means “no growth of ‘those people.’” The intention is racist, and the effect is racist. The housing crisis hits Black and Latino Californians hardest, as even CARB and the nonpartisan Legislative Analyst Office now expressly acknowledge.

    California cannot address its housing and homelessness crisis without building millions of new homes that are actually affordable to California’s working families — and doing so much faster, without the counterproductive legal barriers that add delays and costs.

    CEQA reform is key to this. A good start would be an immediate moratorium on CEQA lawsuits based on any theory not expressly authorized by a statute or regulation. The governor simply needs to direct agencies, and urge the courts, to follow the law and reject those claims.

    Today’s far more diverse Legislature ought to be able to do more as well, serving all Californians better than the sea of white male leaders and judges who have for so long been captured by NIMBY environmentalists.

    It’s time we admit the failures of CEQA’s expansion and start making the policy changes needed to restore the American dream of homeownership for a younger, more diverse California.

    Soledad Ursúa is an elected board member of the Venice Neighborhood Council. Jennifer Hernandez is a partner at the law firm Holland & Knight. Ursúa is the lead author of, and Hernandez is a contributor to, the recent report “El Futuro es Latino.”

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    Jennifer Hernandez and Soledad Ursúa

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  • Carousel Digital Signage Achieves TX-RAMP Level 1 Certification

    Carousel Digital Signage Achieves TX-RAMP Level 1 Certification

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    MINNEAPOLIS, MINNESOTA – Carousel Digital Signage has achieved Level 1 Certification under the Texas Risk and Authorization Management Program (TX-RAMP), a Texas Department of Information Resources (DIR) program that makes governmental technology more secure, cost-effective and forward-looking. The Level 1 Certification approves and recommends Carousel Cloud for use with all state government agencies including higher education community colleges.

    Level 1 Certification is ideal for businesses like Carousel Digital Signage that process low-impact, low-sensitivity data in the cloud for broader public consumption. The certification, valid for three years, confirms Carousel Cloud as a secure and reliable technology partner for education and government facilities that represent two of Carousel Digital Signage’s busiest verticals.

    Carousel Cloud has also just released an updated SOC 2 Type 2 Compliance report, which confirms that Carousel has implemented the appropriate internal controls around security to protect customer data delivered to digital signage end points in the cloud.

    Carolyn Korchik, Director of Information Security and Compliance for Carousel Digital Signage, shares that she and her team built onto its existing SOC 2-approved cloud security framework for cybersecurity to achieve TX-RAMP Level 1 Certification. DIR analyzed all cybersecurity risks and solutions built into the Carousel Cloud framework before approving its certification.

    “TX-RAMP Level 1 Certification requires many of the same controls for active monitoring of security-related procedures, and the certification itself is an assessment of our cybersecurity procedures,” said Korchik. “There is no additional cost to our education and government customers in Texas. As an approved vendor, new customers are assured that we have met DIR’s stringent IT and cloud security requirements, and all necessary policies and controls are built into the Carousel Cloud framework.”

    About Carousel Digital Signage

    Carousel is Digital Signage Content Management Software that is easy to use, scalable, and reliable. With a deep feature set and strong technology partnerships Carousel gives you the most value in digital signage. Carousel Digital Signage is a division of Tightrope Media Systems. You can reach the Carousel team at (866) 866-4118, or visit  www.carouselsignage.com.

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  • $10-billion climate bond will go before voters in November

    $10-billion climate bond will go before voters in November

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    California voters will get to decide in November if they want the state to borrow $10 billion to pay for climate and environmental projects — including some that were axed from the budget because of an unprecedented deficit.

    The 28-page bill to put the Safe Drinking Water, Wildfire Prevention, Drought Preparedness, and Clean Air Bond Act of 2024on the ballot was approved by both the Senate and Assembly late Wednesday.

    This was the last day lawmakers had to approve the climate bond proposal to get the measure on the Nov. 5 ballot.

    Senate President Pro Tem Mike McGuire (D-Healdsburg) was acting as governor Wednesday because Gov. Gavin Newsom was in Washington. McGuire is a supporter of the proposed climate bond and was expected to sign the legislation Wednesday night.

    “Ensuring that our communities have the resources to protect themselves from wildfires, drought and floods is critical to the long-term success of the Golden State,” McGuire said in a press release Monday.

    The language of the bill had been negotiated in secret over the last several months but did not become public until 9:57 p.m. Saturday.

    California taxpayers would pay the bond back with interest. An analyst for the Assembly estimated that the $10 billion bond would cost the state $650 million a year for the next 30 years or more than $19 billion.

    Scott Kaufman, legislative director at the Howard Jarvis Taxpayers Assn., said the cost could be much higher if the interest rate on the bonds turns out to be higher than the 5% rate the analyst used.

    “These bonds will be paid by people decades from now that didn’t even get to vote for their authorization,” Kaufman wrote to the bill’s author in a letter opposing the measure.

    Earlier this year, Sacramento legislators had proposals to place tens of billions of dollars of bonds on the November ballot for efforts as varied as stopping fentanyl overdoses and building affordable housing.

    But those plans were deflated in March when a $6.4-billion bond measure promoted by Newsom to help homeless and mentally ill people got 50.18% of the vote, barely enough to win approval.

    In a recent survey by the Public Policy Institute of California, 64% of likely voters said it was a “bad time” for the state to issue bonds to pay for state projects and programs.

    Dozens of environmental groups, renewable energy companies, labor unions, water agencies and social justice advocates have been lobbying state lawmakers to place the climate bond on the ballot.

    The lobbying intensified after Newsom proposed spending $54 billion on climate efforts in 2022 but then cut that funding to close recent massive budget deficits.

    According to the bill, $3.8 billion would be allocated to water projects, including those that provide safe drinking water, recycle wastewater, store groundwater and control floods.

    An additional $1.5 billion would be spent on wildfire protection, while $1.2 billion would go toward protecting the coast from sea level rise.

    Other money would be used to create parks, protect wildlife and habitats and address extreme heat events.

    The language requires that at least 40% of the money go to projects that provide benefits to disadvantaged communities, defined as populations where the median household income is less than 80% of the area average or less than 80% of the statewide median.

    Some legislators pulled their support of the bond, saying this provision had recently been weakened so that more money would go to people who were not financially disadvantaged.

    Jasmeet Bains (D-Delano) said before the Assembly vote that the definition of vulnerable populations had been diluted. “It’s fundamentally unjust,” she said.

    Hundreds of millions of dollars from the bond would benefit private industry. For example, it would provide $850 million to clean energy projects, including the proposed offshore wind farms. Those planned wind projects are already benefiting from subsidies in President Biden’s Inflation Reduction Act.

    Governments often take out long-term debt to pay for infrastructure projects that are expensive to build but will last for decades. Yet some of the planned climate bond spending would go to operate programs that could long be over by the time the bonds are paid off. For instance, a portion will go to “workforce development” or the training of workers.

    And up to 7% of the money or $700 million can go to administration costs.

    “We are already seeing the devastating effects of climate change — more extreme heat waves, catastrophic fires and floods, coastal erosion, and severe droughts,” Sen. Ben Allen (D-Santa Monica) said in a press release. “Every part of our state is affected, and unless we take action now, the cost to address these impacts will become increasingly overwhelming.”

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    Melody Petersen

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  • As California water agency investigates top manager, some worry progress could be stymied

    As California water agency investigates top manager, some worry progress could be stymied

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    In the three years that Adel Hagekhalil has led California’s largest urban water supplier, the general manager has sought to focus on adaptation to climate change — in part by reducing reliance on water supplies from distant sources and investing in local water supplies.

    His efforts to help shift priorities at the Metropolitan Water District of Southern California, which has traditionally focused largely on delivering imported water to the region, have won praise among environmental advocates who hope to reduce dependence on supplies from the Colorado River and Northern California.

    However, now that Hagekhalil is under investigation for harassment allegations and has been placed on leave by the MWD board, some of his supporters say they’re concerned that his sidelining might interfere with the policies he has helped advance.

    “I would hope this doesn’t mean that we undo the progress that’s been made since Adel came in,” said Conner Everts, executive director of the Southern California Watershed Alliance, who has supported Hagekhalil’s policies.

    Aggressive and impactful reporting on climate change, the environment, health and science.

    The accusations against Hagekhalil surfaced Thursday while he was traveling in Singapore for a water conference.

    Chief Financial Officer Katano Kasaine made the allegations in a confidential letter to the board, which was leaked to the media. She said Hagekhalil has harassed, demeaned and sidelined her and created a hostile work environment.

    Hagekhalil denied the accusations, saying he has always treated the staff with respect and professionalism, and that the claims amount to “disagreements on management decisions.”

    The MWD board voted to place Hagekhalil on administrative leave for 90 days while Kasaine’s complaint and other allegations are investigated. In his place, the board temporarily appointed assistant general manager Deven Upadhyay, who has been at the agency for 29 years, as interim general manager.

    Everts has for more than three decades been advocating for Southern California to reduce reliance on imported water supplies by boosting local supplies. He said he has been pleased to see Hagekhalil and MWD moving forward with plans for the country’s largest wastewater recycling facility in Carson, and working to develop a plan for adapting to climate change.

    Everts said he hopes that whatever results emerge from the investigations, the agency doesn’t revert to an outmoded focus on imported water that he believes some “old guard” leaders of MWD still favor.

    Everts, like many others who spoke at Thursday’s board meeting, said the accusations demand a fair and impartial investigation.

    “Hopefully, Adel comes back and continues to lead in this direction. And if not, whoever would step in would do that,” Everts said. “Does the culture change of the agency continue to progress? That’s my question.”

    MWD is the nation’s largest wholesale supplier of drinking water, serving cities and agencies that supply 19 million people across Southern California.

    MWD Board Chair Adán Ortega Jr. said that while the board made “difficult decisions” regarding the allegations against Hagekhalil, “we maintain our commitment to the policies and direction of this organization.”

    Ortega said he doesn’t expect any change in the district’s “current policy course.”

    “Our task at hand is tackling climate change,” Ortega said in an interview with The Times. “Anybody that would challenge that is up against a pretty embedded policy framework for tackling climate change.”

    Ortega was involved in selecting Hagekhalil, who previously worked for the city of Los Angeles and who was hired after a bitter struggle among board members in 2021. Ortega said his priorities as board chair have been the same priorities that Hagkhalil has been pursuing.

    As for the accusations against Hagekhalil, Ortega said he was upset that someone leaked the confidential letter.

    “I believe that whoever leaked it was trying to box in the board. But we’re not going to let them, and I don’t think it worked,” Ortega said.

    He said all the initiatives that Hagekhalil was working on will continue under Upadhyay while the matters are investigated.

    “The board drives the agenda,” he said. “I think the board has been united on things that Adel and I have both shared.”

    Hagekhalil has led the agency at a time of major initiatives, including negotiations aimed at addressing water shortages on the Colorado River, plans for building the water recycling plant in Carson, and the MWD board’s consideration of Gov. Gavin Newsom’s plan to build a $20-billion water tunnel in the Sacramento-San Joaquin River Delta.

    Some of Hagekhalil’s supporters questioned why the matter was brought to the board while he was traveling, and suggested the public airing of grievances appeared to be aimed at pushing aside a leading advocate for transforming the district’s focus.

    But Ortega said any speculation that placing Hagekhalil on leave might derail the MWD’s current policy agenda is unfounded.

    “The board is fully organized in support of that agenda,” Ortega said. “So I don’t feel any nervousness or doubt about our continued policy direction.”

    “It’s a mistake to think that the fate of our policy agenda rests on one person,” he added. “Nothing is changing in terms of the board’s organization or the items that we’re considering in future months, or the composition of the committees. All of that is intact. And so nothing changes.”

    Still, some environmental advocates have said they’re concerned about a potential link between the surfacing of allegations against Hagekhalil and efforts by some within the agency to push for the proposed Delta Conveyance Project, a 45-mile tunnel that would create a second route to draw water from the Sacramento River into the aqueducts of the State Water Project. They pointed out that Kasaine currently serves as treasurer of the Delta Conveyance Design and Construction Authority, the entity that was created to finance the tunnel project.

    “I think it is a calculated ambush that is designed to get the tunnel approved, over the objections of other members of the Metropolitan board,” said Patricia Schifferle, director of Pacific Advocates, an environmental consulting firm.

    During an MWD committee meeting on Monday, supporters and opponents of the proposed tunnel debated the costs and benefits of the project.

    Karla Nemeth, director of the State Department of Water Resources, told board members that the project is essential to improving the reliability of water supplies in the face of climate change, sea-level rise and a major earthquake.

    Other supporters made similar arguments, while opponents argued that building the tunnel would harm the delta’s deteriorating ecosystem and would be more expensive than other water-supply alternatives.

    The costs would be paid for by urban and agricultural water districts that decide to participate. The state recently released a cost-benefit analysis that is intended to provide information for local water agencies to consider.

    The MWD would receive a large share of the water, and the board’s eventual decision on whether to participate is expected to be pivotal in determining whether the state’s plan goes forward.

    The MWD board in 2020 agreed to contribute $160.8 million toward planning and pre-construction costs. District officials say the board could consider whether to provide additional funding for planning and pre-construction costs at the end of this year, and it will likely be several years before there is a decision on long-term financial participation.

    When the state’s cost-benefit analysis was released last month, Hagekhalil said: “The questions are, how can this project be implemented, what kind of assurances can we have in the resilience it provides to the Delta and our water supply future, and at what price?”

    Leaders of several environmental groups said they were disappointed to see Hagekhalil placed on administrative leave before the accusations against him have been investigated.

    “It is critically important and appropriate for MWD to take these allegations seriously and we applaud the agency’s decision to investigate the claims made, so that the board can have an accurate understanding of what has been happening among the organization’s senior leadership,” said Bruce Reznik, executive director of the group LA Waterkeeper. “That said, the public needs more information to ensure the complete independence of this review.”

    He said any action against Hagekhalil should have come after an independent investigation.

    Reznik called Hagekhalil a “visionary, inclusive and transparent leader” who is helping the agency reform its approach to adapt to the effects of climate change.

    “He has been vocal about his vision and plans to transform the agency,” Reznik said. “That focus must continue at MWD.”

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    Ian James

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  • Gov. Newsom seeks faster review of insurance rate hikes. What to know

    Gov. Newsom seeks faster review of insurance rate hikes. What to know

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    With insurers continuing to pull back from the California’s homeowners’ market, Gov. Gavin Newsom wants to speed up the process by which the companies have their requests for rate hikes reviewed.

    The governor said Friday that he is backing a bill that would require the Department of Insurance to complete reviews of proposed premium increases within 60 days to halt any more exits from the market. Here’s what to know:

    What exactly did the governor say?

    Newsom said that immediate steps need to be taken to stabilize the market, which has seen insurers not renew existing policyholders, stop writing new policies or pull out of the market entirely — sending many homeowners to the insurer of last resort, the state’s FAIR Plan, which is now on the hook for more than $300 billion in payouts. Newsom said he was “deeply mindful” of the burdens placed on the plan.

    The governor said he had considered issuing an executive order, but instead is proposing a bill that would require the Insurance Department to speed up its review process of premium rate-hike requests.

    “We need to stabilize this market. We need to send the right signals. We need to move,” he said.

    Isn’t there already an insurance reform package being hashed out in Sacramento?

    Insurance Commissioner Ricardo Lara is holding hearings on his Sustainable Insurance Strategy, a set of comprehensive regulations intended to stabilize rates and make it more attractive for insurers to write homeowners policies, especially in wildfire areas such as hillsides and canyons.

    However, these regulations won’t become law until the end of the year — a deadline sought by the governor, assuming it can be met.

    “It should not take this long for emergency regulations,” Newsom said. “We can’t wait until December.”

    How would this bill fit into the larger set of reforms?

    Lara has reached a grand bargain with the insurance industry to make the market more attractive, though details are still being worked out.

    The plan would allow insurers to include the cost of reinsurance they buy to protect themselves from large fires and other catastrophes into premium costs. It also would allow them to set rates using sophisticated algorithms to predict the risk and cost of future fires, rather than just base them on past events. It’s unclear how an insurer’s application for an expedited rate approval this year would fit into the proposed reforms.

    Has Lara reacted to the governor’s proposal?

    The commissioner tweeted Friday that his department has taken “significant steps forward” to implement his planned reforms but more needs to be done — and that his department is working with the governor and the Legislature “on critical budget language that keeps us on track to get the job done.”

    What do consumer groups have to say?

    Jamie Court, president of Consumer Watchdog, said he didn’t understand the proposal, worrying that it would be a “rubber stamp” on proposed rate increases.

    He noted that Proposition 103, the landmark 1988 initiative that gives the insurance commissioner authority to review rate hikes, already mandates that they are conducted within 60 days except in certain circumstances. Those circumstances include requests for rate increases exceeding 7% for homeowners insurance, which allow consumers to seek a hearing, or the commissioner’s own decision to conduct a hearing.

    What is the insurance industry’s reaction

    Rex Frazier, president of the Personal Insurance Federation of California, a trade group of property and casualty insurers, said despite the promise of 60-day rate reviews under Proposition 103, they are taking longer. He said the Insurance Department will often request that insurers waive their rights to a speedy decision or face an administrative hearing, which can lead to extensive delays. However, Frazier withheld comment on the governor’s proposal until the draft language is released.

    What are the next steps?

    Newsom’s office will release the draft bill, which will be carried by a member of the Legislature and be included in the process for adopting the state budget, which the Legislature must approve by June 15. Newsom made his remarks Friday in outlining plans for a revised $288-billion budget, which calls for a series of cutbacks to close a nearly $45-billion shortfall.

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    Laurence Darmiento

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  • Fans are following Taylor Swift to Europe after finding Eras Tour tickets less costly there

    Fans are following Taylor Swift to Europe after finding Eras Tour tickets less costly there

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    Thousands of ride-or-die Taylor Swift fans who missed out on her U.S. concert tour last year or didn’t want to buy exorbitantly priced tickets to see her again found an out-of-the-way solution: Fly to Europe.Video above: Taylor Swift’s elementary school teachers “beyond proud” of her successThe pop star is scheduled to kick off the 18-city Europe leg of her record-setting Eras Tour in Paris on Thursday, and planeloads of Swifties plan to follow Miss Americana across the pond in the coming weeks. The arena where Swift is appearing said Americans bought 20% of the tickets for her four sold-out shows. Stockholm, the tour’s next stop, expects about 10,000 concertgoers from the U.S.A concert might sound like an odd raison d’etre for visiting a foreign country, especially when fans can watch the Eras Tour from home via the documentary now streaming on Disney+. Yet online travel company Expedia says continent-hopping by Swift’s devotees is part of a larger trend it dubbed “tour tourism” while observing a pattern that emerged during Beyoncé’s Renaissance world tour.Some North American fans who plan to fly overseas for the Eras Tour said they justified the expense after noticing that tighter restrictions on ticket fees and resales in Europe made seeing Swift perform abroad no more costly — and potentially cheaper — than catching her closer to home.”They said, ‘Wait a minute, I can either spend $1,500 to go see my favorite artist in Miami, or I can take that $1,500 and buy a concert ticket, a round-trip plane ticket, and three nights in a hotel room,” Melanie Fish, an Expedia spokesperson and travel expert, said.That was the experience of Jennifer Warren, 43, who lives in St. Catharines, a city in the Niagara region of Ontario. She and her 11-year-old son love Swift but had no luck scoring what she considered as decently priced tickets in the U.S. Undeterred, Warren and her husband decided to plan a European vacation around wherever she managed to get seats. It turned out to be Hamburg, Germany.”You get out, you get to see the world, and you get to see your favorite artist or performer at the same time, so there are a lot of wins to it,” said Warren, who works as the director of research and innovation for a mutual insurance company.The three VIP tickets she secured close to the stage — “I would call it brute-force dumb luck” — cost 600 euros ($646) each. Swift subsequently announced six November tour dates in Toronto, within driving distance of Warren’s home. “Absolute nose-bleed seats” already are going for 3,000 Canadian dollars ($2,194) on secondary resale sites like Viagogo, Warren said.Tour tourism: Is it really a thing? Hard-core fans trailing their favorite singer or band on tour is not a new phenomenon. “Groupie” emerged in the late 1960s as a somewhat derogatory word for the ardent followers of rock bands. Deadheads took to the road in the 1970s to pursue the Grateful Dead from city to city.More recently, music festivals like California’s Coachella and England’s Glastonbury, and concert residencies in Las Vegas by the likes of Elton John, Lady Gaga and Adele, have attracted travelers to places they wouldn’t otherwise visit, Fish noted.Travel and entertainment analysts have also spoken of a pent-up consumer demand for “experiences” over material objects since the coronavirus pandemic. Some think the willingness of music lovers to broaden their fandom horizons is part of the same mass cultural correction.”It does seem like it’s more than a structural shift, maybe a personality transformation we all went through,” said Natalia Lechmanova, the chief Europe economist for the Mastercard Economics Institute.As Swift hopscotches across Europe, Lechmanova expects restaurants and hotels to see the same boost that Mastercard observed within a 2.5-mile radius of concert venues in the U.S. cities she visited in 2023. The U.S. dollar’s strong value against the euro may also increase retail spending on apparel, memorabilia, beauty products and supplies for the friendship bracelets fans exchange as part of the Eras Tour experience, the economist said.Former college roommates Lizzy Hale, 34, who lives in Los Angeles, and Mitch Goulding, 33, who lives in Austin, Texas, already had tickets to see the Eras Tour in L.A. last summer when they decided to try to get ones for Paris, London or Edinburgh, Scotland, too. They saw a Europe concert trip as a makeup for travel plans they had in May 2020 to celebrate Goulding’s birthday but had to cancel due to the pandemic.Goulding managed to secure VIP tickets for one of Swift’s three Stockholm shows. He, Hale and two other friends scheduled a 10-day trip that also includes time in Amsterdam and Copenhagen.”As people who enjoy traveling and enjoy music, if you can find an opportunity to combine the two, it’s really special,” said Hale, who is pregnant with her first child.For Stockholm, 120,000 Swifties can’t be wrong The local economic impact of what the zeitgeist has termed “Swiftonomics” and the “Swift lift” can be considerable. Airbnb reported Tuesday that searches on its platform for the U.K. cities where Swift is performing in June and August — Edinburgh, Liverpool, Cardiff and London — increased an average of 337% when tickets went on sale last summer.Not to be outdone when it comes to trend-spotting, the property rentals company cited the demand as an example of “passion tourism,” or travel “driven by concerts, sports and other cultural events.”In Stockholm, 120,000 out-of-towners from 130 countries — among them 10,000 from the U.S. — are expected to swarm Sweden’s capital this month, Stockholm Chamber of Commerce Chief Economist Carl Bergqvist said. Stockholm is the only Scandinavian city on Swift’s tour, and airlines added extra flights from nearby Denmark, Finland and Norway to bring people to the May 17-19 shows, he said.The city’s 40,000 hotel rooms are sold out even though prices skyrocketed for the tour dates, Bergqvist said. Concert visitors are expected to pump around 500 million Swedish kroner, or over $46 million, into the local economy over the course of their stays, an estimate that does not include what they paid for Swift tickets or to get to Sweden, he said.”So this is going to be huge for the tourism sector in Sweden and Stockholm in particular,” Bergqvist said.Nightclubs, restaurants and bars are seizing the opportunity to cater to fans with Taylor Swift-themed events, such as karaoke, quizzes and after-concert dance parties.Houston resident Caroline Matlock, 29, saw Swift more than a year ago when the Eras Tour came to the Texas city. Now she’s making more friendship bracelets and trying to learn a few words of Swedish as she prepares to see the 3 1/2-hour show in Stockholm. The idea of seeing Swift in Europe was her friend’s, and Matlock needed some persuading at first.”I was like, ‘I only want to go if it’s a country I haven’t been to. I’ve seen Taylor Swift,’” she said.Visiting the Scandinavian cities of Oslo and Gothenburg is on their itinerary. The concert is the last night of the trip and Matlock looks forward to interacting with Swifties from other countries: “Americans tend to have a very obsessive culture, especially Taylor Swift-related, so I’m curious if the crowd will be more toned-down.”Will tour tourism endure after eras? It remains to be seen if the music tourism trend has legs as long and strong as Swift’s and Beyoncé’s, and if it will carry over to Billie Eilish, Usher and other artists with world tours scheduled next year. Expedia’s Fish thinks other big-name artists in Europe this summer will prove that booking a foreign trip around a concert is catching on.Kat Morga, a travel consultant based in Nashville, isn’t so sure. Morga saw Swift perform in Nashville last year and helped two clients with school-aged children book European family vacations this summer that include seeing Swift in concert. But she thinks the difficulty of navigating ticket purchases through language barriers, currency conversions, international banking regulations and the risk of cancellations will limit the appeal of regular gig getaways.”I think this is an anomaly,” Morga said. “People aren’t typically going to build their $20,000 huge family vacation only because Taylor Swift is there. She’s the one-off. She’s special.”Booking Holdings CEO Glenn Fogel, whose company operates Booking.com, priceline.com, agoda.com, Kayak and OpenTable, is even less enthusiastic about concert tours as a tourism instigator. The Swift Effect causes a “little blip” when the superstar goes to smaller destinations, but for the worldwide travel industry, “one star touring around does not make a difference,” he said.”It may just shift it a little bit. A person was going to go to the Caribbean for a week vacation. Instead that person (says), ‘Let’s travel to the Taylor Swift thing,’” Fogel said. “It doesn’t increase it. It just moves it from here to there.”___AP journalists Colleen Barry in Milan, Chisato Tanaka in Stockholm, Anne D’Innocenzio in New York, David Koenig in Dallas, Thomas Adamson in Paris and Brian Melley in London contributed reporting.

    Thousands of ride-or-die Taylor Swift fans who missed out on her U.S. concert tour last year or didn’t want to buy exorbitantly priced tickets to see her again found an out-of-the-way solution: Fly to Europe.

    Video above: Taylor Swift’s elementary school teachers “beyond proud” of her success

    The pop star is scheduled to kick off the 18-city Europe leg of her record-setting Eras Tour in Paris on Thursday, and planeloads of Swifties plan to follow Miss Americana across the pond in the coming weeks. The arena where Swift is appearing said Americans bought 20% of the tickets for her four sold-out shows. Stockholm, the tour’s next stop, expects about 10,000 concertgoers from the U.S.

    A concert might sound like an odd raison d’etre for visiting a foreign country, especially when fans can watch the Eras Tour from home via the documentary now streaming on Disney+. Yet online travel company Expedia says continent-hopping by Swift’s devotees is part of a larger trend it dubbed “tour tourism” while observing a pattern that emerged during Beyoncé’s Renaissance world tour.

    Some North American fans who plan to fly overseas for the Eras Tour said they justified the expense after noticing that tighter restrictions on ticket fees and resales in Europe made seeing Swift perform abroad no more costly — and potentially cheaper — than catching her closer to home.

    “They said, ‘Wait a minute, I can either spend $1,500 to go see my favorite artist in Miami, or I can take that $1,500 and buy a concert ticket, a round-trip plane ticket, and three nights in a hotel room,” Melanie Fish, an Expedia spokesperson and travel expert, said.

    That was the experience of Jennifer Warren, 43, who lives in St. Catharines, a city in the Niagara region of Ontario. She and her 11-year-old son love Swift but had no luck scoring what she considered as decently priced tickets in the U.S. Undeterred, Warren and her husband decided to plan a European vacation around wherever she managed to get seats. It turned out to be Hamburg, Germany.

    “You get out, you get to see the world, and you get to see your favorite artist or performer at the same time, so there are a lot of wins to it,” said Warren, who works as the director of research and innovation for a mutual insurance company.

    The three VIP tickets she secured close to the stage — “I would call it brute-force dumb luck” — cost 600 euros ($646) each. Swift subsequently announced six November tour dates in Toronto, within driving distance of Warren’s home. “Absolute nose-bleed seats” already are going for 3,000 Canadian dollars ($2,194) on secondary resale sites like Viagogo, Warren said.

    Tour tourism: Is it really a thing?

    Hard-core fans trailing their favorite singer or band on tour is not a new phenomenon. “Groupie” emerged in the late 1960s as a somewhat derogatory word for the ardent followers of rock bands. Deadheads took to the road in the 1970s to pursue the Grateful Dead from city to city.

    More recently, music festivals like California’s Coachella and England’s Glastonbury, and concert residencies in Las Vegas by the likes of Elton John, Lady Gaga and Adele, have attracted travelers to places they wouldn’t otherwise visit, Fish noted.

    Travel and entertainment analysts have also spoken of a pent-up consumer demand for “experiences” over material objects since the coronavirus pandemic. Some think the willingness of music lovers to broaden their fandom horizons is part of the same mass cultural correction.

    “It does seem like it’s more than a structural shift, maybe a personality transformation we all went through,” said Natalia Lechmanova, the chief Europe economist for the Mastercard Economics Institute.

    As Swift hopscotches across Europe, Lechmanova expects restaurants and hotels to see the same boost that Mastercard observed within a 2.5-mile radius of concert venues in the U.S. cities she visited in 2023. The U.S. dollar’s strong value against the euro may also increase retail spending on apparel, memorabilia, beauty products and supplies for the friendship bracelets fans exchange as part of the Eras Tour experience, the economist said.

    Former college roommates Lizzy Hale, 34, who lives in Los Angeles, and Mitch Goulding, 33, who lives in Austin, Texas, already had tickets to see the Eras Tour in L.A. last summer when they decided to try to get ones for Paris, London or Edinburgh, Scotland, too. They saw a Europe concert trip as a makeup for travel plans they had in May 2020 to celebrate Goulding’s birthday but had to cancel due to the pandemic.

    Goulding managed to secure VIP tickets for one of Swift’s three Stockholm shows. He, Hale and two other friends scheduled a 10-day trip that also includes time in Amsterdam and Copenhagen.

    “As people who enjoy traveling and enjoy music, if you can find an opportunity to combine the two, it’s really special,” said Hale, who is pregnant with her first child.

    For Stockholm, 120,000 Swifties can’t be wrong

    The local economic impact of what the zeitgeist has termed “Swiftonomics” and the “Swift lift” can be considerable. Airbnb reported Tuesday that searches on its platform for the U.K. cities where Swift is performing in June and August — Edinburgh, Liverpool, Cardiff and London — increased an average of 337% when tickets went on sale last summer.

    Not to be outdone when it comes to trend-spotting, the property rentals company cited the demand as an example of “passion tourism,” or travel “driven by concerts, sports and other cultural events.”

    In Stockholm, 120,000 out-of-towners from 130 countries — among them 10,000 from the U.S. — are expected to swarm Sweden’s capital this month, Stockholm Chamber of Commerce Chief Economist Carl Bergqvist said. Stockholm is the only Scandinavian city on Swift’s tour, and airlines added extra flights from nearby Denmark, Finland and Norway to bring people to the May 17-19 shows, he said.

    The city’s 40,000 hotel rooms are sold out even though prices skyrocketed for the tour dates, Bergqvist said. Concert visitors are expected to pump around 500 million Swedish kroner, or over $46 million, into the local economy over the course of their stays, an estimate that does not include what they paid for Swift tickets or to get to Sweden, he said.

    “So this is going to be huge for the tourism sector in Sweden and Stockholm in particular,” Bergqvist said.

    Nightclubs, restaurants and bars are seizing the opportunity to cater to fans with Taylor Swift-themed events, such as karaoke, quizzes and after-concert dance parties.

    Houston resident Caroline Matlock, 29, saw Swift more than a year ago when the Eras Tour came to the Texas city. Now she’s making more friendship bracelets and trying to learn a few words of Swedish as she prepares to see the 3 1/2-hour show in Stockholm. The idea of seeing Swift in Europe was her friend’s, and Matlock needed some persuading at first.

    “I was like, ‘I only want to go if it’s a country I haven’t been to. I’ve seen Taylor Swift,’” she said.

    Visiting the Scandinavian cities of Oslo and Gothenburg is on their itinerary. The concert is the last night of the trip and Matlock looks forward to interacting with Swifties from other countries: “Americans tend to have a very obsessive culture, especially Taylor Swift-related, so I’m curious if the crowd will be more toned-down.”

    Will tour tourism endure after eras?

    It remains to be seen if the music tourism trend has legs as long and strong as Swift’s and Beyoncé’s, and if it will carry over to Billie Eilish, Usher and other artists with world tours scheduled next year. Expedia’s Fish thinks other big-name artists in Europe this summer will prove that booking a foreign trip around a concert is catching on.

    Kat Morga, a travel consultant based in Nashville, isn’t so sure. Morga saw Swift perform in Nashville last year and helped two clients with school-aged children book European family vacations this summer that include seeing Swift in concert. But she thinks the difficulty of navigating ticket purchases through language barriers, currency conversions, international banking regulations and the risk of cancellations will limit the appeal of regular gig getaways.

    “I think this is an anomaly,” Morga said. “People aren’t typically going to build their $20,000 huge family vacation only because Taylor Swift is there. She’s the one-off. She’s special.”

    Booking Holdings CEO Glenn Fogel, whose company operates Booking.com, priceline.com, agoda.com, Kayak and OpenTable, is even less enthusiastic about concert tours as a tourism instigator. The Swift Effect causes a “little blip” when the superstar goes to smaller destinations, but for the worldwide travel industry, “one star touring around does not make a difference,” he said.

    “It may just shift it a little bit. A person was going to go to the Caribbean for a week vacation. Instead that person (says), ‘Let’s travel to the Taylor Swift thing,’” Fogel said. “It doesn’t increase it. It just moves it from here to there.”

    ___

    AP journalists Colleen Barry in Milan, Chisato Tanaka in Stockholm, Anne D’Innocenzio in New York, David Koenig in Dallas, Thomas Adamson in Paris and Brian Melley in London contributed reporting.

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  • Opinion: Is Biden a YIMBY? He certainly has good reason to embrace a pro-housing agenda

    Opinion: Is Biden a YIMBY? He certainly has good reason to embrace a pro-housing agenda

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    President Biden’s recent pro-housing pivot didn’t come a moment too soon. Even though the housing shortage is long-standing, well-known and worse in blue cities, high housing costs somehow sneaked up on Democrats.

    By facing the crisis head on, Biden and his fellow Democrats can show voters they’re committed to expanding and strengthening the middle class and dealing with its most serious concerns. Let’s hope it’s not too late.

    The housing shortage has generated deep economic resentment. Meanwhile, wealthy communities from Cupertino, Calif., to Milburn, N.J., have done everything they can to stifle construction, driving up the cost of renting or owning a home. These high prices chip away at paychecks and morale, pushing people into ever longer commutes as well as crowded and substandard housing.

    The housing shortage is a dark cloud over America’s otherwise sunny economic forecast, generating dissatisfaction and endangering Democrats in the coming election.

    By all the usual measures, the economy is rebounding. Inflation has fallen from the highs of the past few years to near 3%. Wages are growing, and unemployment is low. The pandemic’s worst economic consequences are over.

    And yet anyone trying to afford a home is stuck in the mud of high costs. Experts think inflated housing prices are part of the reason 8 in 10 Americans in key swing states see the economy as just “fair” or “poor.” The restricted housing supply keeps workers from feeling the benefits of higher wages and moving to places where incomes are even higher.

    When people are struggling, they blame those they perceive to be in charge. That helps explain the discrepancy between economic indicators and Biden’s polling.

    Instead of trying to convince people that the way they’re feeling about the economy is wrong, Democrats must address the pain that working- and middle-class people are feeling. Injecting positivity into the online conversation — as Biden’s team has tried to do by countering economic doomsayers on TikTok and other platforms — will only go so far.

    To his credit, the president has been quietly working on housing affordability throughout his term. The administration’s Housing Supply Action Plan, released in July, provided funding to municipalities that have made it easier to build housing, among other pro-growth measures. The administration has also promoted commercial-to-residential conversion and financed affordable housing designed to be resilient to climate change. All of this will help bring housing costs down.

    But in the last few months, Biden has finally grown louder about making housing affordable by increasing supply. As Neera Tanden, the director of his Domestic Policy Council, put it: “We know we need to increase housing supply to ensure that we can bring down rents and the cost of homeownership.”

    Democrats are beginning to understand the need for a rallying cry that speaks to economic anxieties and signals that the administration is focused on bringing housing costs down. It’s a message that resonates with members of an eroding middle class, many of whom believe the Democratic Party isn’t fighting for them. It’s a message that appeals to young people, minorities and every other demographic being locked out of prosperity in America. It’s a message that puts Democrats back in the conversation about the economy, an area where voters still trust Republicans more.

    Is Biden a YIMBY, a “Yes in My Backyard” advocate for increasing housing supply? Whether or not he calls himself one, his work and rhetoric on the issue suggest he is.

    By publicly embracing YIMBYism as an ideology and an agenda, Biden can align himself with a bipartisan majority of Americans who believe in easing zoning restrictions to allow more housing to be built. And he can signal to those struggling with housing costs that he has their backs.

    Housing offers Democrats a chance to talk about rebuilding an America that works for everyone, one with a thriving, growing, expanding middle class. The administration has to show voters it understands that current housing prices are unacceptable and that it will do what it takes to bring them down. Until more people believe they will one day be able to buy a home, pessimism about access to opportunity will persist, and so will the risk to Biden’s reelection effort.

    Laura Foote is the executive director of YIMBY Action and a member of the board of Up for Growth.

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    Laura Foote

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  • Duke Energy Florida to Reduce Rates for Second Time This Year

    Duke Energy Florida to Reduce Rates for Second Time This Year

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    For the second time this year, a typical Duke Energy Florida customer will see lower electric bills, this time because of a rate reduction the company is proposing to begin in June to reflect anticipated lower fuel prices.

    The company filed a fuel midcourse rate request with the Florida Public Service Commission to account for lower projections for natural gas costs.

    Under the proposal, a typical Florida residential customer with a monthly usage of 1,000 kWh would see their bill decline by $5.90, or almost 4%. The savings would be on top of a $11.29 decrease, or about 6%, a decrease that typical residential bills began showing in January.

    Similarly, typical commercial and industrial customers will see a bill decrease between 3.5% and 7.0%, varying based on factors, such as industry type and differences in customer use patterns.

    “With fuel prices expected to decline, we have an opportunity to lower rates for a second time this year for our customers, just as we prepare for the higher energy usage that come with summer months,” said Melissa Seixas, Duke Energy Florida state president. “We remain committed to providing the best possible price for Florida’s growing population, while delivering the reliable power and customer service our customers deserve today, tomorrow and for many years to come.”

    Duke Energy Florida ensures customers receive the best service to their homes, businesses and communities through expertly managing its fuel resources, and its complex systems of power generation, transformers, wires and poles across 13,000 square miles – 24 hours a day, 365 days a year, under the most challenging conditions.

    The company also offers several easy-to-use energy efficiency programs and tools to help Florida customers have more control over their energy use and bills.

    Duke Energy Florida, a subsidiary of Duke Energy, owns 12,300 megawatts of energy capacity, supplying electricity to 2 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.

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  • Renters across L.A. are under strain and many fear becoming homeless, survey finds

    Renters across L.A. are under strain and many fear becoming homeless, survey finds

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    Nearly 4 in 10 renters in Los Angeles County have worried about losing their homes and becoming homeless in the last few years, according to the results of a new survey from UCLA. A similar share have worried that they or their family would go hungry because they cannot afford the cost of food.

    The 2024 Quality of Life Index, prepared by UCLA’s Luskin School of Public Affairs, suggests that the county‘s renters are feeling particularly intense strain from the steep cost of housing combined with inflation.

    “Everybody feels they’re being squeezed by the cost of living, even affluent people,” said Zev Yaroslavsky, the former longtime county supervisor and city councilmember, now director of the Los Angeles Initiative at the Luskin School. But for renters, that pressure is especially acute, he added.

    Overall, researchers found the high cost of living, especially housing, is pushing down quality of life for people across the county.

    This year, the overall quality of life rating reported by survey respondents dropped to 53 on a scale of 10 to 100 — tying with 2022 for the lowest rating since the survey launched in 2016. The rating for cost of living dropped to 38, the lowest score ever observed in any category.

    Renters reported lower satisfaction with the cost of living and jobs and the economy than nearly every other major demographic group in the survey of 1,686 county residents.

    Fewer than a quarter of renters said they thought they would ever be able to buy a home in a part of L.A. where they would want to live. And about half, 51%, of renters reported being pessimistic about their economic future in L.A. County, while 61% of homeowners said they felt optimistic.

    Pablo Estupiñan, campaign director for the tenant advocacy group Strategic Actions for a Just Economy, or SAJE, said the findings reflect his experience working with tenants across Los Angeles.

    “Community members are very concerned about facing an eviction or becoming homeless,” he said. “That’s kind of been the trend we’re seeing, with wages that are pretty stagnant as rents keep going up.”

    Median rent in Los Angeles is $2,083, according to Apartment List. That’s down slightly from last year but still high enough to create significant challenges for renters across the region.

    Earlier this year, a report from the Housing Initiative at Penn estimated that between 97,000 and 153,000 households in the city of L.A. were behind on rent as of August 2023. While much of that rent debt was accumulated during the pandemic, a lot of it piled up more recently, indicating that economic strains since the pandemic are challenging renters.

    “As much as possible, it will be easier and less expensive to keep people housed than to find people new housing after they are evicted or become homeless,” the Penn report concluded.

    Last year, there were more than 47,000 eviction court filings across the county, the most since 2016, according to data compiled by Kyle Nelson, senior policy and research analyst for SAJE.

    Advocates expect that number could increase again this year, after the last of COVID-era renter protections expired in February.

    The survey, conducted in English and Spanish from late February to mid-March, has a margin of error of plus or minus 3%.

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    Paloma Esquivel

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  • Amid political IVF debates, parent hopefuls struggle to afford fertility care in California

    Amid political IVF debates, parent hopefuls struggle to afford fertility care in California

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    In between chemotherapy, a double mastectomy and all the other medical appointments that come with a cancer diagnosis, Katie McKnight rushed to start the in vitro fertilization process in hopes that she could one day give birth when she recovered.

    McKnight, 34, of Richmond, Calif., was diagnosed in 2020 with a fast-spreading form of breast cancer. IVF can help boost chances of pregnancy for cancer patients concerned about the impacts of the disease and its treatment on fertility. The process involves collecting eggs from ovaries and fertilizing them with sperm in a lab, then implanting them in a uterus.

    But after having begun the process — being sedated to retrieve her eggs and paying hundreds of dollars annually to properly store the embryos made with her husband — McKnight can’t afford right now to get the embryos out of a freezer.

    Katie McKnight, 34, of Richmond, Calif., takes a photo before her first egg retrieval for IVF after a breast cancer diagnosis in 2020.

    (Katie McKnight)

    “You either have to be able to access a lot of money, or you just keep them frozen and suspended there. It’s such a weird place to be,” McKnight said earlier this month as she prepared to head into her fifth reconstructive breast surgery. “I got this far, now how am I going to finish this? How am I going to actually realize this dream?”

    California — celebrated by women’s advocates as a reproductive health haven — does not require that insurance companies cover IVF.

    McKnight, who serves on the board of Bay Area Young Survivors, a support group for young breast cancer patients, is among those lobbying for state legislation to change that. She and her husband hope to implant an embryo as soon as this year, worried that time is of the essence as her cancer has the potential to spread to her ovaries. McKnight has health insurance through her job at an environmental research nonprofit but it does not cover IVF.

    On average, IVF costs Californians at least $24,000 out of pocket, according to the U.S. Department of Health and Human Services.

    Cost varies depending on treatment — patients typically require multiple rounds of IVF to be successful — and whether employers provide insurance coverage for the procedure. Twenty-seven percent of companies with more than 500 employees offered IVF insurance nationwide, according to a 2021 survey.

    Under a bill signed into law by Democratic Gov. Gavin Newsom in 2019, McKnight was able to have her egg retrievals — a first step in the IVF process — covered by insurance ahead of lifesaving chemotherapy, which can cause infertility. Medical patients who face infertility because of treatment are insured under that law, but that coverage stops short of including fertilization and embryo transfer.

    A new bill has been introduced in the state Legislature this year that would require that large insurance companies provide comprehensive coverage for the treatment of infertility, including IVF.

    But the bill could be costly and faces an uphill battle as the state grapples with a multibillion-dollar budget deficit. Similar proposals have failed in the past, including an attempt last year that never made it to the governor’s desk, facing opposition by insurance companies that said new mandates would result in higher premiums for all.

    IVF is especially important to McKnight because it has allowed her through genetic testing to identify which embryos have the BRCA gene mutation, which is hereditary and significantly increases the chance of breast cancer. She has decided to discard those embryos because of concerns about passing cancer on to her children.

    An embryologist in a lab setting

    An embryologist works at the Virginia Center for Reproductive Medicine in Reston, Va., in 2019.

    (Mark Boster / Los Angeles Times)

    McKnight cried when talking about recent political debates over IVF happening nationwide after an Alabama court ruled in February that frozen embryos can be considered “children” and that those who destroy them can be held liable for wrongful death.

    The decision disrupted IVF appointments in Alabama, and state lawmakers there rushed to create legislation aimed to protect the procedure. But uncertainty remains about access amid outstanding legal questions.

    More than a dozen states have introduced “fetal personhood” protection laws this year. Those measures could potentially sweep IVF into religious arguments opposing abortion rights and stoking fears about further reproductive health restrictions after the Supreme Court’s 2022 Dobbs decision rolled back a federal abortion rights guarantee.

    “It terrifies me. It’s unfathomable to me,” McKnight said. “I do not want to put a child into this world that has to go through all of the hard stuff that I’ve lived, and I feel like that is my choice.”

    Infertility is common. According to the CDC, about 1 in 5 married women of childbearing age are unable to get pregnant after one year of trying.

    More than 11,000 babies were born in California in 2021 using assisted reproductive technology such as IVF — nearly 3% of all infants born in the state that year, according to the U.S. Department of Health & Human Services.

    More than a dozen states, including New York, Arkansas and Connecticut, mandate that health plans provide some coverage for IVF.

    The American Society for Reproductive Medicine said that California — home to the most progressive abortion laws in the country — is failing to fulfill its role as a “reproductive freedom” state.

    “California still has significant work to do to ensure that all people can make personal decisions about their reproductive lives and futures. True reproductive freedom means that all people can decide if and when to start or grow a family,” the group said in a statement in support of SB 729.

    In addition to extending insurance coverage to IVF, SB 729, introduced by state Sen. Caroline Menjivar (D-Panorama City), would also redefine “infertility” in health plans, extending services to LGBTQ+ couples who don’t meet current standards to secure fertility services.

    Most health plans that do offer IVF coverage measure infertility based on whether a man and woman fail to get pregnant after a year of unprotected sex, excluding from coverage LGBTQ+ couples seeking to use fertility services to start a family.

    The new bill would broaden the definition of infertility to include “a person’s inability to reproduce either as an individual or with their partner without medical intervention.”

    The issue is personal for Menjivar. She and her wife recently chose to delay plans to start a family through fertility services such as IVF and instead buy a home, after weighing the costs. She said she has friends who have traveled to Mexico for cheaper fertility care.

    “When we talk about Alabama … we have barriers like that in California. The physical barriers exist in California, where people cannot afford this,” Menjivar said.

    Sen. Caroline Menjivar and former California Senate leader Toni Atkins.

    California Sen. Caroline Menjivar (D-Panorama City), left, and former Senate leader Toni Atkins (D-San Diego) at the state Capitol.

    (Fred Greaves / For CalMatters)

    The bill has been opposed by the California Assn. of Health Plans and a number of insurance companies that warn that such single-issue mandates lead to increased premiums for business owners and enrollees.

    According to a legislative analysis of the potential costs conducted last year, the California Health Benefit Review Program estimated employers and enrollees would spend a total of an additional $183 million in the first year of the bill’s implementation, and nearly double that the following year. California could face potentially tens of millions more in separate costs, according to that analysis, due to increases in premiums for state employees.

    “While this bill is well-intentioned, it will unintentionally exacerbate health care affordability issues,” the California Chamber of Commerce, which also opposed the bill, said in a statement.

    The latest cost estimate reflects Democrats’ attempts to narrow the bill and drive the price down, exempting small health plans, religious employers and Medi-Cal — which provides insurance to low-income Californians — from the proposed mandate to cover IVF.

    New IVF policy debates have posed a political quagmire for some Republicans who have used “personhood” arguments to oppose abortion but do not want to see IVF access encroached.

    California Assembly Republicans — some of whom are opposed to increasing abortion access — introduced a resolution last month calling on the state to declare that it “recognizes and protects” access to IVF for women “struggling with fertility issues” and encouraged the same at the federal level. The resolution also calls on Alabama to overturn its ruling.

    “IVF has helped so many families actually have children so we need to make sure we’re protecting access to it,” said Assemblymember Josh Hoover (R-Folsom), who co-authored Assembly Concurrent Resolution 154. “We can’t go backward on IVF.”

    But several state Republicans who support that resolution opposed last year’s attempt to insure IVF in California.

    The insurance bill did not make it to the Assembly last year, and Hoover said he is unsure of how he will vote if it makes it to his house this year, voicing skepticism about the costs to small-business owners and taxpayers.

    For Democrats like Menjivar, the Republican-led resolution — which specifies that IVF is for women struggling with fertility issues and does not mention LGBTQ+ families — is viewed as a farce.

    “It’s all talk,” she said. “This does absolutely nothing, there’s no meat to it whatsoever.”

    Menjivar said that she will not support that resolution without changes. She is angry about “hypocrisy” she’s seen from Republicans nationwide who she believes voted for antiabortion policies that have led to the IVF problems arising now.

    “They made their bed and they’re trying to squirm out of it and they’re getting stuck,” she said.

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    Mackenzie Mays

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  • California’s home insurer of last resort sees enrollment surge, raising concerns over its finances

    California’s home insurer of last resort sees enrollment surge, raising concerns over its finances

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    With home insurers scaling back coverage in the state, enrollment is surging in California’s backstop insurance plan — as is the plan’s risk of sustaining losses that it can’t cover.

    Victoria Roach, president of the FAIR Plan Assn., told lawmakers this week that property owners even in areas with low wildfire risk were finding it difficult to keep their homes insured as companies increased rates, limit coverage or left areas susceptible to natural disasters amid climate change.

    That has prompted thousands of Californians to purchase coverage through the state insurer as a last resort. Funded by the insurers doing business in California, the Fair Access to Insurance Requirement plan provides a limited policy as a fallback for property owners unable to find conventional coverage they can afford.

    Roach said the Fair Plan set a new record last month when it added 15,000 new policyholders.

    The FAIR plan has about 375,000 policyholders, and the insurer’s total risk exposure was $311 billion as of December 2023; it was $50 billion in 2018.

    “We’re one of the largest writers in the state right now in terms of new business coming in,” Roach said. “As those numbers climb, our financial stability comes more into question.”

    Roach said homeowners and businesses are typically insured by any of the state’s 118 standard insurers or 132 surplus line insurers, which specialize in high-risk insurance.

    “Unfortunately, as you know with the current state of the market, I think this is often reversed because there’s not a lot of options out there for people,” Roach told lawmakers during Wednesday’s Assembly Insurance Committee. “Instead, the FAIR plan is quickly moving to be the first resort for a lot of people.”

    She said consumers who would never have sought insurance through the FAIR plan in years past were now among the new policyholders, many of whom were not living in wildfire areas.

    The insurer’s expansion is the latest wrinkle in California’s ongoing insurance crisis, and it mirrors a similar trend across the country of major companies dropping customers in areas prone to wildfires, flooding and hurricanes.

    Florida’s state insurance of last resort, known as the Citizens Property Insurance Corp., has become the largest property insurer there, adding about 11,000 new policies in the last two weeks, according to local reports.

    In Louisiana, state officials have been trying to address an insurance crisis following a series of hurricanes in 2020 and 2021 that caused insurance companies to stop renewing policies or leave the state.

    Since 2022, at least eight insurers, led by State Farm and Allstate, have announced plans to stop offering home insurance to new customers or withdraw from the state entirely. Some blamed a spike in the cost of reinsurance — insurance policies that insurance companies buy to cover their big losses — and financial strains caused by inflation that have made materials and labor for home repair and rebuilding costly.

    The potential loss of insurers prompted Gov. Gavin Newsom to issue an executive order commanding the insurance commissioner to take action to address issues with the insurance market and expand coverage options for consumers.

    Insurance Commissioner Ricardo Lara’s response to the crisis is a set of new rules still being implemented that would allow insurers to raise rates to cover reinsurance costs and projected losses from catastrophic fires, but also require them to provide coverage for more homes in the canyons and hills. The proposals, which aim to move people off the FAIR plan and slow the increase in premiums, have won support from insurance industry trade groups and some consumer groups, but criticism from other consumer advocates.

    Under the existing system, insurers need to apply to the Department of Insurance to raise their average rates across the state and prove that the price hike is justified. The process allows consumer advocates to intervene to contest the insurer’s claims.

    This system was created when California voters approved Proposition 103 in 1988, but the insurance department went a couple of steps further than the ballot measure. Its rules barred insurance companies from including the cost of reinsurance in their rates and allowed the use only of historical loss data, rather than forward-looking simulations, to support a hike in premiums.

    Insurance industry representatives have been trying to lift both of those restrictions for years, but their calls have intensified as insurers have pulled back coverage in California.

    On Thursday, Lara proposed a regulation that would allow insurers to use catastrophe modeling that takes into account the projected impacts of climate change and other shifting factors when asking to raise rates.

    “We can no longer look solely to the past as a guide to the future,” Lara said in a statement. “My strategy will help modernize our marketplace, restoring options for consumers while safeguarding the independent, transparent review of rate filings by Department of Insurance experts, which is a bedrock principle of California law.”

    The proposed regulation comes a week after the Los Angeles County Board of Supervisors approved a motion demanding that Lara investigate the compliance measures that insurance companies require from homeowners to keep their coverage.

    “It’s no secret that insurance providers have become more conservative due to increased wildfire threats statewide,” said Supervisor Kathryn Barger, who introduced the motion, in a statement. “As a result, homeowners are increasingly being put in a very tough position: pay higher premiums and comply with varied, costly, and inconsistent mitigation requirements or lose your insurance.”

    She added: “I’ve heard from many of my constituents district wide who are facing steep cost increases or being dropped altogether by their insurance carriers and left to fend for themselves. That’s simply unacceptable.”

    In response to proposed expansion of catastrophe models, Consumer Watchdog, a consumer advocacy group that often intervenes in proposed rate hikes, said Lara’s proposed regulation limits transparency.

    “Black box catastrophe models are notoriously contradictory and unreliable, which is why public review and transparency are key before insurance companies are allowed to use them to raise rates,” the group wrote in a statement. “Commissioner Lara’s proposed rule appears drafted to limit the information available to the public about the impact of models on rates in violation of Proposition 103.”

    The group contends that the rule fails to spell out how the Department of Insurance would assess a model’s bias or accuracy and instead creates “a pre-review process that appears primarily focused on determining what information companies must disclose and what they may conceal from public view.”

    “California needs a public catastrophe model to ensure climate data is transparent and to prevent insurance price-gouging and bias.”

    Staff writer Sam Dean contributed to this report.

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    Ruben Vives

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