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Edmonton zoo elephant Lucy gets medical OK as she approaches 50th birthdayNew Delhi, Dec 26 (PTI) Former prime minister Manmohan Singh was a great listener and spoke very little but whenever he did he spoke only substance, former RBI governor D Subbarao recalled his association with Singh, who died on Thursday. "I had experience with him as prime minister and as finance secretary and late as governor. What I would say about Dr Manmohan ... that he was a great listener. "He did not speak very much. But whenever he spoke, it has lots of substance," Subbarao, who was RBI governor from 2008 to 2013, said. Rajiv Kumar, former Niti Aayog Vice Chairman, recalled that Manmohan Singh during his stint as finance minister was always open to meeting economists even at short notice. Kumar stated that Manmohan Singh encouraged him to join ADB in Manila. Kumar was an economic advisor in the DEA then. "He gave me a clear advice that I should accept the offer (from ADB) ... I followed his advice and returned to India much ahead of my superannuation from ADB. and as a result hugely benefitted in my career progression. He was so approachable and kind towards younger economists and I benefited a great deal from following his example and advice," Kumar said. Union minister Nitin Gadkari mourned the loss, saying he was profoundly saddened by the passing away of Singh. Gadkari said Dr Singh's invaluable contribution to shaping India's economic trajectory remains a cornerstone of our nation's progress. "A leader of unparalleled humility and quiet strength, he always placed the country's welfare above all else," he said in a post on social media platform X. "During my tenure as BJP President, I had the privilege of engaging with him on several occasions, each interaction leaving a lasting impression," the minister said, extending "deepest condolences to Dr Singh ji's family and countless admirers. Om Shanti". Union Minister Sarbananda Sonowal said the former PM embodied the spirit of humility, scholarship and played a key role in India's economic resurgence in a difficult period. His policies for the welfare of people were far-reaching and he remains a significant figure in the nation's public life, he said in a post on X. "His passing away leaves a void in our political sphere and I offer my deepest condolences to his family and well-wishers. May his soul find eternal peace," he said. (This story has not been edited by THE WEEK and is auto-generated from PTI)
Impartner Partner Relationship Management platform now available in the Microsoft Azure MarketplaceMichael Croley | (TNS) Bloomberg News In the old days of 2016, when golfers visited the Dormie Club in West End, North Carolina — 15 minutes from the hotbed of American golf, Pinehurst — they were greeted by a small, single-wide trailer and a rugged pine straw parking lot. That trailer is now long gone. A gate has been installed at the club’s entrance and a long driveway leads to a grand turnaround that sweeps you past a new modern clubhouse that’s all right angles, with floor-to-ceiling glass. Seconds after you exit your car, valets are zipping up in golf carts, taking your name, then your bags, handing you keys to your own golf cart, and then zipping off to drop your luggage in the four-bedroom cottage where you’ll stay. A short walk past an expansive putting green you’ll find the pro shop — and then you’ll see the club’s most elegant feature: its golf course. The changes have all come about because Dormie Club was acquired in 2017 by the Dormie Network, a national group that owns seven private golf facilities from Nebraska to New Jersey. (“Dormie” is a word for being ahead in golf — the names were coincidences.) A key to the network’s success has been its ability to find clubs ripe for acquisition, with outstanding golf courses and existing on-site lodging or the room to build it, says Zach Peed, president of the company and its driving force. After investing in Arbor Links Golf Club in Nebraska City, Nebraska, in late 2015, Peed believed he saw an opening in the golf market: a new model of hospitality for traveling professionals who wanted a pure golf experience that eschewed the pools and pickleball courts of their home clubs. His clubs would become dream golf-only getaways for avid players and their pals. “Dormie Network’s concept was sparked by having played competitive golf in college, combined with an element of experiencing and understanding hospitality,” says Peed. “It made sense to blend the two to create golf trips that had more value than just playing golf. We want genuine hospitality to help create unforgettable memories and new friendships.” Part of that formula has been in the lodging strategy; in North Carolina, 15 four-bedroom cottages now are a short golf cart ride from the main clubhouse. In each, golfers all have their own king-size bed and en suite bathroom. A large common room is dominated by a flatscreen television along with a well-stocked bar and snacks. That ability to be both social, or tucked away in your room, extends to the expansive new clubhouse, where a high-ceilinged bar area with blond wood creates an inviting space for dining and drinking, and several hideaway rooms allow for more private diners with just your group. So far, their commitment to hospitality has been helping them expand in both membership and club usage in the increasingly competitive market for traveling golfers. Major players such as Bandon Dunes, Pinehurst Resort, and the Cabot Collection have created — or renovated — a new paradigm where golfers get dining and lodging that’s as showcase-worthy as the courses they play. Comfortable sheets and options beyond pub food aren’t luxuries anymore, but staples for many group trips. Dormie has answered that call by focusing on both the big details and the small ones, like having the dew wiped off each golf cart at dawn outside guest cottages before the day begins or having a tray of cocktails delivered to golfers as their final putt falls on the 18th green. These touches may seem over-the-top, but they stand out in a world where golf travel is increasingly popular — and expensive — after the pandemic lockdowns. Since 2020 there has been an explosion in participation in the sport, with new golfers picking up the game and avid golfers playing more: According to the National Golf Foundation, a record 531 million rounds were played in 2023, surpassing the high of 529 million set in 2021. Supreme Golf, a public golf booking website, reports in its latest analysis that the average cost of a tee time has increased to $49 in 2024 from $38 in 2019, a 30% increase. Those cost increases are also on par (pun intended) with the costs of private clubs and initiation fees during that same period, where membership rosters that were dwindling pre-COVID now have waitlists 50 to 60 people deep, according to Jason Becker, co-founder and chief executive officer of Golf Life Navigators, which matches homebuyers with golf course communities. “There’s been an absolute run on private golf. If we use southwest Florida as an example, where there are 158 golf communities, this time last November, only five had memberships available,” he said. That inability to find a club close to home has pushed avid golfers to look farther afield, choosing national memberships at clubs that require traveling, usually via plane, to play. Dormie has capitalized on this growing segment, offering two types of memberships: First, a national membership, where members pay an initiation fee and monthly dues just as they would at a local club, but instead of one club they have access to seven. The second option is a signature membership for companies, “which allows businesses to use our properties for entertainment needs and requires a multiyear commitment,” Peed says. The network also offers a limited number of regional memberships for those living within a certain distance of one of its clubs. Dormie Network declined to provide the cost of memberships or monthly dues and wouldn’t give membership numbers, but the clubs are structured to lodge roughly 60 golfers, max, on-site at any given property at any time. The total number of beds across the network’s portfolio of properties has increased from 84 in 2019 to 432 today. It saw a jump from 10,000 room nights in 2019 to 48,000 in 2023. This September, Dormie opened GrayBull in Maxwell, in Nebraska’s, Sandhills region. Dormie Network tabbed David McLay Kidd to build the course, who also built the original course at Oregon’s famed Bandon Dunes. Kidd says of the property GrayBull sits on, “It’s like the Goldilocks thing: not too flat, not too steep. It’s kind of in a bowl that looks inwards, and there are no bad views.” That kind of remote destination, where the long-range views are only Mother Nature or other golf holes, is what drives many traveling golfers these days. Peed says his team leaned on years of knowledge from Dormie’s acquisitions as they built GrayBull, which started construction in 2022. “We had an understanding of how our members and guests use the clubs that allowed us to take a blank canvas in the Sandhills of Nebraska and combine all of the greatest aspects of each Dormie property into one.” ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.
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NEW YORK — Walmart's sweeping rollback of its diversity policies is the strongest indication yet of a profound shift taking hold at U.S. companies that are re-evaluating the legal and political risks associated with bold programs to bolster historically underrepresented groups. The changes announced by the world's biggest retailer on Monday followed a string of legal victories by conservative groups that have filed an onslaught of lawsuits challenging corporate and federal programs aimed at elevating minority and women-owned businesses and employees. The retreat from such programs crystalized with the election of former President Donald Trump, whose administration is certain to make dismantling diversity, equity and inclusion programs a priority. Trump's incoming deputy chief of policy will be his former adviser Stephen Miller , who leads a group called America First Legal that has aggressively challenged corporate DEI policies. “There has been a lot of reassessment of risk looking at programs that could be deemed to constitute reverse discrimination,” said Allan Schweyer, principal researcher at the Human Capital Center at the Conference Board. “This is another domino to fall and it is a rather large domino,” he added. Among other changes, Walmart said it will no longer give priority treatment to suppliers owned by women or minorities. The company also will not renew a five-year commitment for a racial equity center set up in 2020 after the police killing of George Floyd. And it pulled out of a prominent gay rights index . Schweyer said the biggest trigger for companies making such changes is simply a reassessment of their legal risk exposure, which began after U.S. Supreme Court’s ruling in June 2023 that ended affirmative action in college admissions. Since then, conservative groups using similar arguments have secured court victories against various diversity programs, especially those that steer contracts to minority or women-owned businesses. Most recently, the conservative Wisconsin Institute for Law & Liberty won a victory in a case against the U.S. Department of Transportation over its use of a program that gives priority to minority-owned businesses when it awards contracts. Companies are seeing a big legal risk in continuing with DEI efforts, said Dan Lennington, a deputy counsel at the institute. His organization says it has identified more than 60 programs in the federal government that it considers discriminatory, he said. “We have a legal landscape within the entire federal government, all three branches -- the U.S. Supreme Court, the Congress and the President -- are all now firmly pointed in the direction towards equality of individuals and individualized treatment of all Americans, instead of diversity, equity and inclusion treating people as members of racial groups,” Lennington said. The Trump administration is also likely to take direct aim at DEI initiatives through executive orders and other policies that affect private companies, especially federal contractors. “The impact of the election on DEI policies is huge. It can’t be overstated,” said Jason Schwartz, co-chair of the Labor & Employment Practice Group at law firm Gibson Dunn. With Miller returning to the White House, rolling back DEI initiatives is likely to be a priority, Schwartz said. “Companies are trying to strike the right balance to make clear they’ve got an inclusive workplace where everyone is welcome, and they want to get the best talent, while at the same time trying not to alienate various parts of their employees and customer base who might feel one way or the other. It’s a virtually impossible dilemma,” Schwartz said. A recent survey by Pew Research Center showed that workers are divided on the merits of DEI policies. While still broadly popular, the share of workers who said focusing on workplace diversity was mostly a good thing fell to 52% in the October survey, compared to 56% in a similar survey in February 2023. Rachel Minkin, a research associate at Pew, called it a small but significant shift in short amount of time. There will be more companies pulling back from their DEI policies, but it likely won’t be a retreat across the board, said David Glasgow, executive director of the Meltzer Center for Diversity, Inclusion and Belonging at New York University. “There are vastly more companies that are sticking with DEI," Glasgow said. "The only reason you don’t hear about it is most of them are doing it by stealth. They’re putting their heads down and doing DEI work and hoping not to attract attention.” Glasgow advises organizations to stick to their own core values, because attitudes toward the topic can change quickly in the span of four years. “It’s going to leave them looking a little bit weak if there’s a kind of flip-flopping, depending on whichever direction the political winds are blowing,” he said. One reason DEI programs exist is because without those programs, companies may be vulnerable to lawsuits for traditional discrimination. “Really think carefully about the risks in all directions on this topic,” Glasgow said. Walmart confirmed will no longer consider race and gender as a litmus test to improve diversity when it offers supplier contracts. Walmart says its U.S. businesses sourced more than $13 billion in goods and services from diverse suppliers in fiscal year 2024, including businesses owned by minorities, women and veterans. It was unclear how its relationships with such business would change going forward. Organizations that have partnered with Walmart on its diversity initiatives offered a cautious response. The Women’s Business Enterprise National Council, a non-profit that last year named Walmart one of America's top corporation for women-owned enterprises, said it was still evaluating the impact of Walmart's announcement. Pamela Prince-Eason, the president and CEO of the organization, said she hoped Walmart's need to cater to its diverse customer base will continue to drive contracts to women-owned suppliers even if the company has no explicit dollar goals. “I suspect Walmart will continue to have one of the most inclusive supply chains in the World,” Prince-Eason wrote. “Any retailer's ability to serve the communities they operate in will continue to value understanding their customers, (many of which are women), in order to better provide products and services desired and no one understands customers better than Walmart." Walmart's announcement came after the company spoke directly with conservative political commentator and activist Robby Starbuck, who has been going after corporate DEI policies, calling out individual companies on the social media platform X. Several of those companies have subsequently announced that they are pulling back their initiatives, including Ford , Harley-Davidson, Lowe’s and Tractor Supply . Walmart confirmed to The Associated Press that it will better monitor its third-party marketplace items to make sure they don’t feature sexual and transgender products aimed at minors. The company also will stop participating in the Human Rights Campaign’s annual benchmark index that measures workplace inclusion for LGBTQ+ employees. A Walmart spokesperson added that some of the changes were already in progress and not as a result of conversations that it had with Starbuck. RaShawn “Shawnie” Hawkins, senior director of the HRC Foundation’s Workplace Equality Program, said companies that “abandon” their commitments workplace inclusion policies “are shirking their responsibility to their employees, consumers, and shareholders.” She said the buying power of LGBTQ customers is powerful and noted that the index will have record participation of more than 1,400 companies in 2025.
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Gerard Karam, central Pennsylvania’s top federal prosecutor since June 2022, said Thursday that he will resign effective Jan. 10. Karam did not offer a reason, but the move is typical for the 93 United States attorneys around the nation, who are political appointees, upon the change in a presidency. Donald J. Trump, a Republican, will be sworn in as the 47th president of the United States on Jan. 20. Karam, a partner at a law firm in Scranton who had served as chief public defender of Lackawanna County earlier in his career, was appointed by President Joe Biden, a Democrat. It was his first tour of duty as a prosecutor.
Join this golf club and you’ll get 7 ‘home’ courses across the USBERWYN, Pa. , Nov. 26, 2024 /PRNewswire/ -- Envestnet, Inc. (the " Company "), yesterday announced that, pursuant to that certain Agreement and Plan of Merger, dated as of July 11, 2024 , by and among the Company, BCPE Pequod Buyer, Inc. (" Parent "), a Delaware corporation, and BCPE Pequod Merger Sub, Inc. (" Merger Sub "), a Delaware corporation and a wholly owned subsidiary of Parent (the "Merger Agreement"), Merger Sub merged with and into the Company (the " Merger "), with the Company continuing as the surviving corporation. At the effective time of the Merger, each share of common stock, par value $0.005 per share, of the Company (the " Common Shares ") (other than any Common Shares (i) owned by Parent (or any of its affiliates), Merger Sub or the Company or any direct or indirect wholly owned subsidiaries of Parent (or any of its affiliates), Merger Sub or the Company, (ii) that are Rollover Shares (as defined in the Merger Agreement), (iii) held in treasury of the Company, and (iv) as to which appraisal rights have been properly exercised in accordance with Delaware law) was automatically cancelled, extinguished and converted into the right to receive $63.15 in cash per one Common Share. As a result, a Share Exchange Event and a Make-Whole Fundamental Change occurred under each of the Indenture, dated as of August 20, 2020 , among the Company, the guarantor party thereto and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (the " Trustee "), which governs the Company's 0.75% Convertible Notes due 2025 (the " 2025 Notes ") (such indenture, the " 2025 Indenture ") and the Indenture, dated of November 17, 2022 , among the Company, the guarantor party thereto and the Trustee, which governs the Company's 2.625% Convertible Notes due 2027 (the " 2027 Notes ", and together with the 2025 Notes, collectively and individually, the " Notes ") (such indenture, the " 2027 Indenture ", and together with the 2025 Indenture, collectively, the " Indentures ", and each, an " Indenture ", as applicable), triggering the adjustments to the conversion rights as described below. The effective date of the Share Exchange Event and Make-Whole Fundamental Change was November 25, 2024 (the " Effective Date "). Capitalized terms used and not defined herein have the meanings ascribed to them in the applicable Indenture. The Company announced that, pursuant to the terms of the respective Indenture, in connection with the consummation of the Merger which constitutes a Share Exchange Event under each Indenture, the Company and the Trustee entered into supplemental indentures to each Indenture providing that, following the effective date of the Merger, the right to convert each $1,000 principal amount of Notes into shares of common stock of the Company at the then applicable conversion rate shall be changed into a right to convert such principal amount of Notes solely into a number of units of Reference Property in an aggregate amount equal to the applicable conversion rate in effect on the conversion date (as may be increased by any Additional Shares), multiplied by $63.15 , the price paid per share of Common Stock in the Merger. Because the Merger constituted a Make-Whole Fundamental Change, the Notes are convertible, at the option of the Holder, at any time from the Effective Date until 5:00 p.m. , New York City time, on the business day immediately preceding the Fundamental Change Purchase Date to be determined by the Company and separately announced to the Holders in accordance with the terms of the Indentures as a result of the Merger (the " Conversion Period "). Also because the Merger constituted a Make-Whole Fundamental Change, the conversion rate for the 2027 Notes will be temporarily increased during the Conversion Period. Such conversion rate per $1,000 principal amount of the 2027 Notes increased by 3.2973 units of Reference Property from 13.6304 units of Reference Property to 16.9277 units of Reference Property. The Company's conversion obligation with respect to Notes that are converted prior to the end of the Conversion Period will be fixed at an amount in cash equal to $591.602 per $1,000 principal amount of the 2025 Notes validly surrendered for conversion, and $1,068.984 per $1,000 principal amount of the 2027 Notes validly surrendered for conversion. The right of the Holders to convert their Notes is separate from the right, at the Holder's option, to submit their Notes for purchase upon a Fundamental Change. If a Holder submits a Fundamental Change Purchase Notice, such Holder may not surrender such Notes for conversion unless the Holder validly withdraws such Fundamental Change Purchase Notice prior to the Fundamental Change Expiration Time. Holders should review the applicable Indenture carefully and should consult with their own financial and tax advisors. None of the Company, Merger Sub, Parent or any of their respective affiliates, or any of its or their respective boards of directors, employees, advisors or representatives or U.S. Bank Trust Company, National Association, in its capacity as trustee, paying agent or conversion agent with respect to the Notes, is making any representation or recommendation to any Holder as to whether or not to surrender or convert that Holder's Notes. The Trustee, Paying Agent and Conversion Agent is: U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION Corporate Actions 111 Fillmore Avenue St. Paul, MN 55107-1402 Telephone: (800) 934-6802 Email: cts.specfinance@usbank.com Any questions or requests for assistance in connection with the conversion of the Notes may be directed to U.S. Bank Trust Company, National Association, in accordance with the contact information listed above, or the Company. About Envestnet Envestnet is helping to lead the growth of wealth managers and transforming the way financial advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions – backed by industry-leading service and support. Serving the wealth management industry for 25 years with more than $6.5 trillion in platform assets—more than 111,000 advisors, 17 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs -- thousands of companies, depend on Envestnet technology and services to help drive business growth and productivity, and better outcomes for their clients. Data as of 9/30/24. View original content to download multimedia: https://www.prnewswire.com/news-releases/envestnet-inc-announces-make-whole-fundamental-change-and-supplemental-indentures-under-its-0-75-convertible-notes-due-2025-and-2-625-convertible-notes-due-2027--302317032.html SOURCE Envestnet, Inc.
