Selling – Grover Chamber http://groverchamber.com/ Tue, 22 Nov 2022 04:14:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://groverchamber.com/wp-content/uploads/2021/05/default.png Selling – Grover Chamber http://groverchamber.com/ 32 32 Why is Cincinnati selling its railroad to Norfolk Southern? https://groverchamber.com/why-is-cincinnati-selling-its-railroad-to-norfolk-southern/ Tue, 22 Nov 2022 04:00:30 +0000 https://groverchamber.com/why-is-cincinnati-selling-its-railroad-to-norfolk-southern/ Cincinnati Southern Railway directors vote to propose sale to Norfolk Southern Corp. The Cincinnati Southern Railway board voted on Monday to sell the railroad to Norfolk Southern Corp. for $1.6 billion. Cincinnati Applicant Cincinnati Mayor Aftab Pureval announced Monday the city intends to sell the railroad it owns for $1.6 billion. It’s a big problem. […]]]>

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Cincinnati Mayor Aftab Pureval announced Monday the city intends to sell the railroad it owns for $1.6 billion.

It’s a big problem. The negotiations have been going on for more than a year, but the public has just learned of it through the mayor’s announcement. If you have questions about this, you are not alone.

Here’s what we know.

Wait, Cincinnati has a railroad?

Yes. Cincinnati is the only city in the country to have its own railroad. Completed in 1880, the Cincinnati Southern Railway travels 337 miles from Cincinnati to Chattanooga, Tennessee.

The railroad was built for $18 million after Cincinnati voters approved several bond issues to fund the project. In today’s dollars, that $18 million is about $618 million.

The Cincinnati merchants wanted the city to build the railroad because the only other rail link south at the time was through Louisville, and the Louisville merchants were unwilling to help their competitors in Cincinnati.

The Cincinnati Southern Railway Board of Directors has overseen the railroad since its inception. The five council members are appointed by the mayor and approved by the city council.

Who runs the railroad in Cincinnati now?

Although the railway board oversees the railway, it is not responsible for the punctuality of trains. The council is essentially a guardian of the railroad that is responsible for negotiating leases and looking after the interests of the city.

Currently, the city leases the railroad from Atlanta-based Norfolk Southern Railway for about $25 million a year. The company operates 19,300 miles of railroad in 22 states, serving all major ports on the nation’s east coast.

Why is there a case for sale?

The lease with Norfolk Southern will expire in 2026. Board members say they began negotiating a new lease last year when Norfolk Southern officials told them they wanted to buy the railway.

Chairman of the board, Paul Muething, said the company and the board had gone back and forth for a year before agreeing on the sale price of $ 1.6 billion. . He said the council consulted with appraisers to assess the offers and help determine whether a sale would benefit the city more than renewing the lease.

“We came to the conclusion that a sale at this price was a better deal,” Muething said.

Neither board members nor Norfolk Southern officials would discuss the range of value estimates they received from their appraisers. But Muething said $1.6 billion was above the “midpoint” of valuations.

Why were these discussions not made in public?

Ohio law allows public boards, including the railroad board, to meet in secret when discussing the sale of property by competitive bidding if releasing the information would give a competitive advantage to the other party.

Critics of the deal say the standard was not met in this case because there were no competing offers. Instead, sales negotiations took place only with Norfolk Southern, as the company held the right to continue leasing the railway for another quarter of a century.

A city lawyer representing the board said the executive session was warranted because a bidding process may one day be necessary if negotiations with Norfolk Southern fail or the deal is later rejected by the voters.

What happens to the money if the sale is made?

The agreement provides for the creation of a $1.6 billion trust fund called Building Our Future. The railway board will oversee the fund and hire a chief financial officer to manage the investments.

Pureval and board members, including former mayors Charlie Luken and Mark Mallory, said the city would come out on top by selling now instead of renewing the lease, which currently earns the city around $25 million a year. .

The goal is to avoid touching the original $1.6 billion, using only money earned from interest and investments. If investments on that $1.6 billion return 3.5%, for example, the return would be around $56 million. If they earn 5%, the return would be $80 million.

If the investments lose money over the course of a year, the city could draw from the base, or principal, amount of the trust fund.

All decisions regarding the disbursement of funds from the trust fund to the city would be made by the railroad board, in consultation with the board’s financial advisors.

Board members said Monday they expect the lowest annual payments to the city under the new trust fund will be no less than current lease payments of 25 millions of dollars. They said they would save money in good years to cover payments to the city in bad years.

Most years, Luken said, the city will likely receive significantly more than it does now.

“There’s going to be a lot more money,” he said.

How will Cincinnati spend the money?

Board members and city officials say money from the trust fund will only be spent on infrastructure projects, such as roads and bridges, this is how payments current leases are spent.

“Cincinnatians can now rest assured that through this trust fund, our most pressing infrastructure needs will be funded in perpetuity,” Pureval said.

While the source of the money will change, the city’s process for deciding which projects to build will not change: The mayor and the development department will still recommend projects for city council approval.

What happens next?

Railway management approved the deal on Monday, but it’s only a first step.

Current state law requires that proceeds from any sale of the railroad be used to pay off the city’s debt. Council and city officials are seeking a change that would allow the city to use proceeds from the sale for infrastructure instead.

This means the city and council need the Ohio General Assembly to change the law. It’s unclear how long that may take or if most state officials will be supportive.

If the law is changed, then the deal would go to Cincinnati voters. Pureval said this would happen next fall at the earliest.

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LACKIE: Good homes still sell in a turbulent real estate market https://groverchamber.com/lackie-good-homes-still-sell-in-a-turbulent-real-estate-market/ Sat, 19 Nov 2022 18:39:12 +0000 https://groverchamber.com/lackie-good-homes-still-sell-in-a-turbulent-real-estate-market/ Breadcrumb Links Toronto and the GTA Ontario Columnists Well-maintained homes with parking on good streets in great neighborhoods with excellent schools are always in demand. Real estate for sale sign. Stock art photo /Toronto Sun Content of the article It is indisputable that the real estate market is having a moment. Advertisement 2 This ad […]]]>

Well-maintained homes with parking on good streets in great neighborhoods with excellent schools are always in demand.

Content of the article

It is indisputable that the real estate market is having a moment.

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While some say it’s a crash of apocalyptic proportions, others insist that what we’re witnessing is nothing more than a necessary tempering after a truly mind-blowing ride. None of this is good, of course, but on the one hand it’s like the ship is sinking while on the other we have something closer to fuel starvation with no wind in the type scenario sails.

Content of the article

One is a pause while the other is a dip.

The past two and a half years have been both amazing and horrifying to watch. And while the course our market has taken since the mid-2000s has certainly had awkward moments here and there on its upward trajectory, if you squint, it’s been almost a straight line of rapid appreciation.

What one might conclude is largely a choose-your-own adventure at this point.

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The bears insist that we’ve been waiting for an epic judgment for a long time. That years and years of loose fiscal policy combined with loose monetary policy, especially during the pandemic, has created a powder keg that is about to explode in all of our faces.

Bulls – and please note that I make a very clear cut distinction between those with bullish faith in the long-term value of real estate and real estate boosters who will never be happy to sell you something – subscribe rather the certainty that, like any investment asset, there will be downtime, but the idea is to hold on for the long haul and win.

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And as someone whose life literally revolves around real estate, it can be hard to know what to make of it.

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But here’s what I know from actively working in this market.

Things still sell. Well, good things sell. And good priced products sell out fast.

He is.

Well-maintained homes with parking on good streets in great neighborhoods with excellent schools are always in demand. We know this because they always sell in multiple offers. The elevator may be smaller than it was last winter, but buyers are ready to compete.

A conservatively priced semi-trailer in Seaton Village sold out last week with fifteen bids and topped the list by 13%.

Another semi in the city center sold in multiples for 97% of the listing two days after hitting the market.

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Prices have gone down, absolutely, and there are definitely some good things on the market that aren’t getting any love, but if the market has crashed, I just don’t see it. Even though my own professional perspective is extremely cautious, I still had a busy fall working with clients for whom life goes on.

Every agent I know that works in downtown Toronto has buyers behind the scenes, waiting for inventory to improve. This is especially the case for buyers who are sitting on substantial equity in their home and who have mortgages that they can usually transfer. By their calculations, the opportunity offered by price moderation outweighs the increase in borrowing costs, which most believe will start to come down in a few years. Most are just waiting for some stability to get back into the market.

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But the pain in the market is real, especially for overleveraged people with adjustable rate mortgages who are now struggling to keep up with their payments. With no sign of a reprieve coming, there must be a lot of people who are feeling increasingly hopeless. Market statistics clearly show inventory levels incompatible with widespread unloading. Inventory remains tight. While some people definitely need to sell, it’s not yet noticeable in the data.

What comes next is anyone’s guess. The key word being guess.

One thing I am absolutely certain of: families will continue to form, expand, dissolve and repeat themselves. Life goes on regardless of the economic forecast.

@brynnlackie

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ExxonMobil Sells Santa Ynez Unit Offshore Oil Rigs, Las Flores Canyon Processing Facility | Local News https://groverchamber.com/exxonmobil-sells-santa-ynez-unit-offshore-oil-rigs-las-flores-canyon-processing-facility-local-news/ Thu, 17 Nov 2022 06:18:00 +0000 https://groverchamber.com/exxonmobil-sells-santa-ynez-unit-offshore-oil-rigs-las-flores-canyon-processing-facility-local-news/ ExxonMobil sells its Santa Ynez Unit offshore oil rigs, onshore processing facility and former Plainsto a newly created company, and it’s unclear what the future holds for production. The Santa Ynez Unit includes the Hondo, Harmony and Heritage platform, and the Las Flores Canyon processing plant on the Gaviota coast. Production halted in 2015 when […]]]>

ExxonMobil sells its Santa Ynez Unit offshore oil rigs, onshore processing facility and former Plainsto a newly created company, and it’s unclear what the future holds for production.

The Santa Ynez Unit includes the Hondo, Harmony and Heritage platform, and the Las Flores Canyon processing plant on the Gaviota coast.

Production halted in 2015 when the crude oil transmission pipeline ruptured and caused the Refugio oil spill.

Santa Barbara County rejected ExxonMobil’s proposal to restart rig production and temporarily truck oil to refineries. Other oil rigs that depended on the ruptured pipeline are being dismantled.

sand and Flame Acquisition Corp.a Texas-based special purpose acquisition company, will merge in an $883 million deal to create Sable Offshore Corp., the new owner of the Santa Ynez unit and transmission pipeline.

“The sale is expected to close in the first quarter of 2023, pending regulatory and other approvals,” ExxonMobil spokeswoman Meghan Macdonald said. Noozhawk. “The sale advances ExxonMobil’s focused investment strategy and underscores our focus on disposing of assets to those who can derive greater value from them.”

Fewer people work at the Santa Ynez unit now because it is not functioning, but there are still employees doing maintenance and other work for the facilities.

“Employees will be transferred to positions at Sable,” Macdonald said.

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A map of Santa Barbara County offshore oil and gas facilities as of 2019. Most South County rigs are in the process of being decommissioned. (Santa Barbara County photo)

The management team of Sable Offshore Corp. is led by Jim Flores, who previously worked at FreePort-McMoRan and Plains Exploration & Production Co., according to company filings with the Securities and Exchange Commission.

Most of the $643 million purchase price is funded by a $623 million loan from ExxonMobil, according to an investor presentation filed with the SEC.

The risks listed in the transaction documents include the possibility of not meeting all permit requirements and restarting production in a timely manner. The new owner is targeting oil and gas production in January 2024.

“We may not be able to restart production by January 1, 2026, which would allow ExxonMobil to exercise a reassignment option and take possession of SYU without any compensation or reimbursement,” according to documents filed with of the SEC.

ExxonMobil’s Santa Ynez unit paid more than $45 million in taxes to Santa Barbara County in the 10 years before the oil spill and pipeline shutdown, according to the company. He also became involved with local chambers of commerce and sponsored local community events.

ExxonMobil's Santa Ynez unit includes Platform Hondo, Platform Harmony, Platform Heritage in federal waters off southern Santa Barbara County.
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ExxonMobil’s Santa Ynez unit includes Platform Hondo, Platform Harmony and Platform Heritage in federal waters off southern Santa Barbara County. (photo Giana Magnoli / Noozhawk)

Reuters reported that ExxonMobil suffers a $2 billion loss on the sale.

ExxonMobil and Shell recently sold about 43,000 oil wells in California, leaving questions about future liability for costly environmental cleanup and decommissioning facilities.

“Some industry experts, lawmakers and environmentalists are concerned about recent agreements, noting that the sales shift environmental responsibility from big companies to less capitalized companies, increasing the risk that aging wells will remain orphaned, disconnected and leaking oil, the brine and the climate. -warming of methane”, Los Angeles Times reported in a news article about the sale of the ExxonMobil and Shell wells.

The state and its taxpayers are responsible for decommissioning wells when no other financially responsible party can be found. Companies can be held liable for assets they previously owned, such as ExxonMobil foots the bill for dismantling Venoco’s Holly platform off Goleta.

ExxonMobil’s Santa Ynez unit rigs are in federal waters.

Pending pipeline plans

News of the sale of the Santa Ynez unit comes shortly after ExxonMobil bought Plains All American’s oil transmission pipelines which pass through Santa Barbara, San Luis Obispo and Kern counties.

“A team from ExxonMobil Pipeline Co. will conduct a thorough inspection of the pipelines to determine how to safely and responsibly return them to service,” ExxonMobil spokeswoman Julie King said at the time.

Plains, which was found criminally and civilly responsible for the Refugio oil spill, has pending applications to replace the pipeline and install valves in existing pipelines.

The ruptured portion of the Plains' Line 901 oil transmission pipeline along the Gaviota coast was replaced after the 2015 Refugio oil spill.
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The ruptured section of the Plains’ Line 901 oil transmission pipeline along the Gaviota coast was replaced after the Refugio oil spill in 2015. (photo Giana Magnoli/Noozhawk)

Line 901 runs from Las Flores Canyon to the Gaviota Pump Station in southern Santa Barbara County, and line 903 connects this line to the Sisquoc Pump Station in northern Santa Barbara County and then to the Pentland Station in Kern County.

In 2019, Plains announced plans to build a 123.4-mile replacement pipeline, and the project has been in the environmental review process for several years.

Last year, Plains filed an application to install 16 shutoff valves in existing pipelines. Eleven of the valves would be motorized and five would be check valves, which close automatically when the liquid pushes them back.

The project was proposed to fulfill the obligations of Assembly Bill 864, according to Plains. This legislation, passed in response to the Refugio oil spill, requires pipeline operators in coastal areas to use “best available technologies to reduce the amount of oil released during an oil spill to protect waters from the ‘State and Wildlife’.

The valve installation project would fulfill that obligation, according to Steve Greig, director of government affairs for Plains.

“The California State Office of the Fire Marshal (OSFM)the agency overseeing the implementation of AB 864, has found that the plan and schedule submitted by Plains to install these safety valves meets the requirements of AB 864,” Greig wrote in an August letter. to the county answering questions from a July review hearing on the project.

“Although the pipelines are currently drained of oil and Plains has applied to replace them, the lines are considered active and remain subject to OSFM regulations, including the requirements of AB 864. Approvals have already issued by OSFM, Kern County and San Luis Obispo County,” Greig wrote.

The county zoning administrator approved the valve installation project on August 22, and it was appealed by three parties. An appeal hearing has not yet been scheduled, according to the Department of Planning and Development.

The pipeline replacement project and the valve installation project are “progressing separately through the county permitting process,” according to Errin Briggs, permitting supervisor for the Energy, Minerals and Compliance Division of the Departmental Directorate of Planning and Development.

The new owner of the pipeline will need to apply for a county owner/operator change, Briggs said.

“With respect to existing applications for valve additions and the proposed replacement line, the change in ownership will not affect the permitting process for these projects,” Briggs said.

Noozhawk editor-in-chief Giana Magnoli can be contacted at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Login with Noozhawk on Facebook.

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Volkswagen is accelerating its electrification plans after selling 500,000 electric vehicles https://groverchamber.com/volkswagen-is-accelerating-its-electrification-plans-after-selling-500000-electric-vehicles/ Mon, 14 Nov 2022 19:33:15 +0000 https://groverchamber.com/volkswagen-is-accelerating-its-electrification-plans-after-selling-500000-electric-vehicles/ Volkswagen announced today that it has officially sold 500,000 ID electric vehicles worldwide, and the company plans to accelerate its electrification plans following their success. With the departure of their previous CEO, Herbert Diess, many were pessimistic about the company’s electrified future. Nonetheless, Volkswagen has continued with its electrification plans, now selling four different ID-branded […]]]>

Volkswagen announced today that it has officially sold 500,000 ID electric vehicles worldwide, and the company plans to accelerate its electrification plans following their success.

With the departure of their previous CEO, Herbert Diess, many were pessimistic about the company’s electrified future. Nonetheless, Volkswagen has continued with its electrification plans, now selling four different ID-branded electric vehicles. And with their worldwide success, which now officially sells for half a million, the company plans to accelerate its electrification plans.

Volkswagen’s press release about its half-millionth ID vehicle sold contained plenty of good news from the company. Orders for their electric vehicles remain strong, currently standing at 135,000, a 65% increase from 2021, and despite supply constraints, the company remains optimistic about its ability to deliver the vehicles quickly. . Additionally, VW’s EV range now spans three different vehicle categories; the Compact car VW ID.3, the VW ID.4 and the ID.5 midsize SUVs, and the VW ID.6 full-size SUV.

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The company’s optimism was best illustrated by its plans to accelerate electrification. Volkswagen now plans to end ICE production in Europe by 2033 and plans to introduce ten new electric models globally by 2026.

As for market-specific plans, Volkswagen said it aims for 70% of sales to be fully electric in Europe by 2030, while it expects 50% of sales to be fully electric. electricity in the United States and China within the same time frame.

However, it’s not all good news for the German auto giant. Supply constraints remain an ongoing issue, so much so that sales board member Imelda Labbé said the conditions could affect production times; “We are doing everything we can to deliver the approximately 135,000 IDs as quickly as possible. ordered from our customers. However, due to the ongoing tense situation in parts supply, we have to repeatedly adjust production.

Volkswagen’s other major challenge is an uphill battle for sales in North America, especially when it comes to electric vehicles. While Volkswagen is obviously far from fighting with the likes of Tesla for control of the EV market, they still lag behind other legacy brands such as Ford and Hyundai/Kia in EV market share. If there is a silver lining, the way forward is clear; expand the range of electric vehicles and increase production capacity with it.

What do you think of the article ? Do you have any comments, questions or concerns? Email me at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have topical advice, write to us at tips@teslarati.com!

Volkswagen is accelerating its electrification plans after selling 500,000 electric vehicles






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Gold is trading at Rs 52,580 per 10 grams, silver is selling at Rs 61,700 per kg https://groverchamber.com/gold-is-trading-at-rs-52580-per-10-grams-silver-is-selling-at-rs-61700-per-kg/ Sat, 12 Nov 2022 05:46:00 +0000 https://groverchamber.com/gold-is-trading-at-rs-52580-per-10-grams-silver-is-selling-at-rs-61700-per-kg/ The price of gold rose by Rs 400 in early trading on Saturday, with 10 grams of 22 karat gold trading at Rs 48,200. Silver prices fell by Rs 200, with 1 kg of silver trading at Rs 61,700, according to the GoodReturns website. Ten grams of 24-karat gold was selling at Rs […]]]>


greenhouse fields in SCORE International and Best in the desert. Factory driver Zach Sizelove won the Pro UTV NA class at Baja 500 in Juneand he and his teammate Ethan Ebert finished 1–2 in said category at Mint 400 three months before. For the Baja 1000 from November 15 to 20, Honda will have the #1925 and #1920 Talons led by Sizelove and Elias Hanna.

The Talon also found success in rock crawling. In February, Bailey Cole won the Stock NA UTV class at king of hammers as one of thirty-four drivers to finish the race. KOH was the site of the Talon’s 2020 debut.

]]> Puleaga Pele, 44, of Hesperia arrested for allegedly selling ghost weapons – a fast-growing crisis – VVNG.com https://groverchamber.com/puleaga-pele-44-of-hesperia-arrested-for-allegedly-selling-ghost-weapons-a-fast-growing-crisis-vvng-com/ Sun, 06 Nov 2022 11:09:59 +0000 https://groverchamber.com/puleaga-pele-44-of-hesperia-arrested-for-allegedly-selling-ghost-weapons-a-fast-growing-crisis-vvng-com/ HESPERIA, Calif. (VVNG.com) – Puleaga Pele, 44, of Hesperia, was arrested for allegedly selling ghost weapons, a fast-growing problem recognized by the LAPD last year as a “crisis” after seeing a 400% increase in these types of weapons. guns in the streets. Ghost Guns are privately assembled, untraceable firearms with parts that can be made […]]]>

HESPERIA, Calif. (VVNG.com) – Puleaga Pele, 44, of Hesperia, was arrested for allegedly selling ghost weapons, a fast-growing problem recognized by the LAPD last year as a “crisis” after seeing a 400% increase in these types of weapons. guns in the streets.

Ghost Guns are privately assembled, untraceable firearms with parts that can be made with a 3D printer. They can be assembled from kits marketed through popular social media apps, with some popular content creators selling “water guns”, aimed at young teens. These can then be modified, and when placed in the hands of criminals, they become very dangerous.

At Pele’s home, dozens of illegal firearms without serial numbers were reportedly found, leading to his arrest following a federal criminal complaint alleging he acted as a gun dealer. without license.

He was arrested at his home on Friday morning while law enforcement was executing a search warrant there and is currently charged with one count of trafficking in unlicensed firearms, according to the U.S. Attorney’s Office for the Department of Justice. Justice.

Pele is expected to make his first appearance in United States District Court on Monday in downtown Los Angeles.

According to an affidavit filed with the complaint, in July 2022, law enforcement raided a residence in the San Fernando Valley as part of a separate investigation. While examining the digital device of an investigation target, law enforcement allegedly discovered communications in which an individual – later identified as Pelé – offered to sell to the investigation target several firearms, which appeared to be of an unknown manufacturer and without serial numbers. the district attorney’s office said in its statement.

Law enforcement said they later traced the firearms to Pele’s residence, which was searched this morning pursuant to a warrant, the affidavit states.

“Inside Pelé’s home and in a Hummer truck in the garage, law enforcement allegedly found a total of 33 firearms, 10 of which were privately-made firearms (aka “ghost guns”). “), a stolen firearm, a machine gun, thousands of cartridges, and various high-capacity magazines and firearm parts,” the report said.

Pelé does not have a federal firearms license to buy or sell firearms, according to the affidavit. If convicted of the charge, Pele faces a maximum statutory sentence of five years in federal prison.

Homeland Security Investigations and the Los Angeles Police Department are investigating this case.

To follow updates to this article and more, join our newsgroup on Facebook with over 140,000 members. Like our Facebook pageand Follow us on instagram and Twitter.

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Afterpay billionaire is selling his $28 million condo in Century City https://groverchamber.com/afterpay-billionaire-is-selling-his-28-million-condo-in-century-city/ Sun, 30 Oct 2022 22:57:12 +0000 https://groverchamber.com/afterpay-billionaire-is-selling-his-28-million-condo-in-century-city/ Afterpay co-founder Nick Molnar is looking to offload the Century City condo he only bought last year from Friends star Matthew Perry. According Dirtinesstech billionaire Molnar paid $21.6 million for the 860 sq m penthouse and is now looking for a quick profit with an asking price of $27.99 million. The penthouse occupies the entire […]]]>

Afterpay co-founder Nick Molnar is looking to offload the Century City condo he only bought last year from Friends star Matthew Perry.

According Dirtinesstech billionaire Molnar paid $21.6 million for the 860 sq m penthouse and is now looking for a quick profit with an asking price of $27.99 million.

The penthouse occupies the entire 40th floor of the prestigious “The Century” skyscraper designed by Robert AM Stern.

The home features four bedrooms and 6.5 bathrooms, as well as 360 degree views of the entire greater Los Angeles skyline.

Inside there are four marble fireplaces, four separate terraces, recessed LED lighting and remote controlled window coverings.

Guests access the penthouse by elevator and are immediately greeted by an impressive entrance gallery that leads to the living room with floor-to-ceiling windows.

There is a separate dining room that connects to the kitchen which features high end stainless steel appliances as well as a family room and soundproof home theater with velor sofas.

Throughout the house there are three guest bedrooms, all with their own personal bathroom.

The master bedroom offers stunning views of the city lights and has two master bathrooms, two walk-in closets, and a dedicated lounge/lounge/office area.

Source: Bond Street Partners / The Agency

In addition to all this, there is also an outdoor terrace with a built-in BBQ as well as four parking spaces in the building’s garage.

The building itself offers 24/7 security guards and a concierge, outdoor gardens, a swimming pool, a state-of-the-art gym, an on-site restaurant, conference rooms and even storage facilities. private wine.

The Century includes a number of high-profile owners, including Denzel Washington, reality TV stars Dr Terry and Heather Dubrow as good as Rihanna and the spelling of sweets.

Source: Bond Street Partners / The Agency
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Reliance Steel Reports Lower Average Selling Price Per Ton In Q4 – Commodity Commentary https://groverchamber.com/reliance-steel-reports-lower-average-selling-price-per-ton-in-q4-commodity-commentary/ Thu, 27 Oct 2022 12:13:00 +0000 https://groverchamber.com/reliance-steel-reports-lower-average-selling-price-per-ton-in-q4-commodity-commentary/ By Robb M. Stewart Reliance Steel & Aluminum Co. said while demand is expected to remain healthy through the end of the year, the average selling price of its products is expected to decline further. At orientation: Reliance said Thursday it expects healthy demand trends to continue in the fourth quarter despite macroeconomic uncertainty, inflation, […]]]>

By Robb M. Stewart

Reliance Steel & Aluminum Co. said while demand is expected to remain healthy through the end of the year, the average selling price of its products is expected to decline further.

At orientation:

Reliance said Thursday it expects healthy demand trends to continue in the fourth quarter despite macroeconomic uncertainty, inflation, continued supply chain disruptions and geopolitical issues.

However, he said he also expects shipping levels to be affected by normal seasonal factors, including fewer shipping days in the fourth quarter than in the previous three months, as well as the added effect of extended closings and holiday schedules tied to customers’ vacations. As a result, Reliance said it estimates its tons sold would be down 6.5% to 8.5% in the fourth quarter from the third quarter, or flat at 2% from the same period last year.

The company’s average selling price for the fourth quarter is expected to be down 6% to 8% per ton from the prior quarter, due to continued price declines for many of its products, “notably for products flat rolled carbon, stainless steel and aluminum”. products, partially offset by stable pricing for higher value products sold in the aerospace, energy and semiconductor end markets,” Reliance said.

The company said it expects continued pressure on its gross profit margin in the last quarter of the year, adding that it was temporary and resulted from the sale of higher cost inventory in an environment falling metal prices.

On 3Q results

Reliance Steel’s sales for the third quarter fell to $4.25 billion from $4.68 billion in the previous quarter, as tons sold fell to 1.41 million from 1.46 million and the price average sales per ton fell 6.2% from the second quarter.

Write to Robb M. Stewart at robb.stewart@wsj.com

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Exxon sells Montana oil refinery to Par Pacific for $310 million https://groverchamber.com/exxon-sells-montana-oil-refinery-to-par-pacific-for-310-million/ Thu, 20 Oct 2022 19:59:00 +0000 https://groverchamber.com/exxon-sells-montana-oil-refinery-to-par-pacific-for-310-million/ HOUSTON, Oct. 20 (Reuters) – Exxon Mobil Corp (XOM.N) Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc. (PARR.N) for $310 million. The sale caps a years-long effort by the U.S. oil giant to further shrink its refining footprint and focus production at plants along the U.S. […]]]>

HOUSTON, Oct. 20 (Reuters) – Exxon Mobil Corp (XOM.N) Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc. (PARR.N) for $310 million.

The sale caps a years-long effort by the U.S. oil giant to further shrink its refining footprint and focus production at plants along the U.S. Gulf Coast and in the Midwest. He also sold oil-producing properties to boost returns.

“ExxonMobil is focused on investing in facilities where we can manufacture higher value products such as lubricants and chemicals,” said Karen McKee, head of the oil company’s product solutions unit.

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The deal for the 63,000 barrel per day refinery is expected to close in the second quarter of 2023, Exxon said in a statement.

Par Pacific was one of several independent refiners monitoring the plant and investing some of this year’s record refining profits to expand its assets, according to people familiar with the matter.

Profit margins for processing crude into gasoline, diesel and jet fuel hit five-year highs in the United States earlier this year, which helped drive sales. Increased travel and fewer refineries due to pandemic shutdowns pushed the average U.S. retail gasoline price to $3.84 a gallon this week from $3.36 a year ago. year.

The sale includes the Silvertip Pipeline, Exxon’s interest in the Yellowstone Pipeline and Yellowstone Energy LP and its product terminal interests in Montana and Washington.

“This acquisition expands our fully integrated downstream network into the western United States,” said William Pate, President and CEO of Par Pacific.

Since 2013, Houston-based Par Pacific has purchased refineries in Hawaii, Wyoming and Tacoma, Washington.

Shares of Par Pacific jumped 8.7% to $21.62 on Thursday, their highest level in two and a half years.

“The acquisition benefits Par’s credit profile as it increases scale and diversification and will be funded from existing cash,” ratings service Moody’s said.

Par said he would pay for the purchase of Billings with cash on hand and existing lines of credit.

As part of the agreement, Par Pacific will continue to supply fuel to Exxon and Mobil stations in the area.

For the 300 workers at the Billings refinery, including 150 workers represented by the United Steelworkers (USW) union, news of the sale agreement put to rest worries about a possible plant closure.

U.S. refining capacity has fallen by 1 million bpd since 2019, mostly due to plant shutdowns amid falling demand following lockdowns during the COVID-19 pandemic.

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Reporting by Erwin Seba in Houston, additional reporting by Arunima Kumar in Bengaluru; Editing by Paul Simao

Our standards: The Thomson Reuters Trust Principles.

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