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Porter Airlines Now Bookable with Alaska Miles

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Alaska Airlines has quietly rolled out a long-awaited feature that’ll excite many of us award travellers. You can now book Porter Airlines flights using Alaska Airlines Mileage Plan miles.

The feature launched fittingly on Canada Day and opens up fresh opportunities for redeeming one of the most powerful airline loyalty currencies in North America.

Let’s explore what this means, whether it’s a good deal, and how to make the most of it.

Alaska Mileage Plan Now Offers Porter Redemptions

As expected, Mileage Plan redemptions on Porter Airlines follow Alaska’s partner award chart, allowing you to book flights starting at just 4,500 miles one-way.

Unlike the reverse scenario, where redeeming VIPorter points for Alaska Airlines flights requires a Porter segment, there’s no such restriction here.

You can redeem Alaska miles for Porter-operated flights on their own, with no need to include an Alaska Airlines segment.

alaska partner award chart

Availability looks pretty good year around, and here are some examples:

Toronto (YYZ) – Montreal (YUL)

yyz yul porter asyyz yul porter as

Toronto (YYZ) – Vancouver (YVR)

yyz yvr as redemptionyyz yvr as redemption

Toronto (YYZ) –Las Vegas (LAS)

yyz las porter asyyz las porter as

Ottawa (YOW) – Calgary (YYC)

yow yyc porter asyow yyc porter as

Vancouver (YVR) – Ottawa (YOW)

yvr yow porter asyvr yow porter as

Is This a Good Use of Alaska Miles?

As is usually the case, whether or not you want to redeem Alaska miles for Porter Airlines flights really depends on the situation.

Redeeming Alaska miles for Porter Airlines flights can be a great option when cash fares are sky-high—especially during peak travel dates or last-minute bookings.

Take a flight from Toronto (YYZ) to Vancouver (YVR) as an example. Last-minute cash fares on this route can climb to $505 (CAD).

porter airlines toronto to vancouver cash fareporter airlines toronto to vancouver cash fare

The distance between the two cities is 2,085 miles, placing it just under the 2,100-mile threshold in Alaska’s partner award chart.

That means the flight prices out at 12,500 Alaska miles plus taxes and fees.

yyz yvr as redemptionyyz yvr as redemption

Assuming $60 (CAD) in taxes and fees ($44 USD), you’re getting a redemption value of 3.56 cents per mile:

($505 – $60) / 12,500 miles = 3.56 cpp

That’s well above our target valuation of 2.2 cents per mile.

One thing to note is that when booking through Alaska Mileage Plan, you’ll be issued a Refundable Main fare, which maps to PorterClassic Standard Fare. This fare doesn’t include seat selection or complimentary checked baggage.

yyz yvr porter as redemption fare classyyz yvr porter as redemption fare class

However, you can offset these limitations by holding the BMO VIPorter World Elite®* Mastercard®*, which grants VIPorter Venture Avid Traveller status.

With this status, you’ll enjoy:

  • One free checked bag and one carry-on item
  • Free seat selection in rows 8 and beyond for you and one guest
  • These perks extend to up to eight passengers on the same booking

Outside of these specific use cases, you’re likely better off saving your Alaska miles for aspirational redemptions in premium cabins.

The program continues to shine for its partner airline sweet spots, such as:

  • Toronto (YYZ) – Frankfurt (FRA) in Condor Business Class for 55,000 miles + taxes
  • Los Angeles (LAX) – Taipei (TPE) on Starlux in Business Class for 75,000 miles + taxes
  • New York (JFK) – Doha (DOH) in Qatar Airways Qsuites for as low as 70,000 miles + taxes

With Alaska miles being harder to earn in Canada these days, you’ll want to be intentional about how and when you use them.

Starlux Airlines business class – Seat 3K

Which Credit Card Should You Use to Book?

Since these are award bookings, most Canadian travel credit cards don’t provide insurance coverage unless the full fare is charged to the card—which obviously doesn’t happen with points redemptions.

Thankfully, there’s an exception. The National Bank® World Elite® Mastercard® includes insurance coverage for award bookings, as long as you charge the taxes and fees to the card.

This makes it the top choice for anyone redeeming Alaska miles for Porter flights while still wanting that peace of mind from travel insurance.

How to Earn Alaska Miles in Canada

Alaska Airlines currently doesn’t offer a co-branded credit card in Canada (fingers crossed for a comeback), but there are still a few ways to earn Mileage Plan miles:

  • Transferring Marriott Bonvoy points at a 3:1 ratio
  • Flying Porter, Alaska, or other oneworld and partner airlines
  • Shopping via Alaska Airlines Mileage Plan shopping portal
  • Buying miles during Alaska’s frequent buy points promotions

Conclusion

While this may not be a game-changing update, it does open up some great new options for Canadians looking to redeem their Alaska miles—and that’s always a welcome development.

Being able to book Porter flights directly with Mileage Plan adds practical value, especially for domestic and transborder routes and soon to sun destinations where cash fares can spike.

It won’t always be the best use of your miles, but it’s another handy tool in your redemption toolkit when the timing and pricing line up just right.



This story originally appeared on princeoftravel

How I Built a Multi-Unit Franchise Operation Without Leaving My Day Job

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Opinions expressed by Entrepreneur contributors are their own.

I’ve spent decades as a business and management speaker, presenting to leaders about performance, leadership and building strong teams. But early in my career, I started to feel a little uneasy.

I was offering advice to audiences filled with managers and experienced business owners, many of whom had far more hands-on experience than I did. I didn’t want to be perceived as another speaker who talks theory but lacks real-world credibility. I wanted my insights to be grounded in experience, not just inspiration.

Then one day, flipping through an airline magazine, I saw an ad for Edible Arrangements. Something clicked. Franchising intrigued me because it’s a model that combines consistency and variability. Everyone follows the same system in similar markets, but performance varies. That meant there had to be a variable. If I could identify it and make it work for me, I wouldn’t just build a business — I’d gain insights I could bring to my clients.

My goal was never to leave my speaking career. It still is my primary passion. But I wanted to supplement it with a business that would sharpen my message and grow my income. That’s how I ended up opening an Edible Arrangements franchise in 2006.

Let me be clear: there was nothing “part-time” about this venture. Opening a franchise meant taking out a loan, signing a 10-year lease, investing in a buildout, managing employees, and serving customers. It required full commitment—even if I couldn’t be there every day.

Related: Is Franchising Right For You? Ask Yourself These 9 Questions to Find Out.

We faced our share of challenges, especially early on. But eventually, we built one of the highest-volume locations in California. Later, I acquired a struggling second location and made it profitable within a year. We won awards for best customer service and manager of the year out of more than 1,000 stores worldwide — all while I was still traveling for speaking engagements.

So, how did I do it? Here are six key strategies that made it possible:

1. Choose the right franchise model

Not every franchise is suited for absentee ownership, no matter what the sales team says. I chose a brand that allowed for it, but quickly learned that success still requires deep engagement. You don’t have to be physically present all the time, but you do have to be mentally present.

I looked for a business with clear systems, brand standards, and strong corporate support. I also spoke with other franchisees to ensure my dual-career setup was realistic. I wasn’t just an investor—I was still a leader, just one leading from a distance.

2. Build systems that work without you

If I weren’t going to be in the store every day, I needed systems to maintain visibility and accountability. Each night, the closing employee sent me a detailed report on sales, issues and feedback. I installed security cameras to monitor the store remotely and verify open and closing times. I could also log in to our system from anywhere to review dashboards and performance data.

Cross-training was another key strategy. Every team member could handle multiple tasks, giving us flexibility and protecting against staffing gaps.

3. Hire (and keep) the right people

Finding the right manager changed everything. My first two hires were solid but didn’t stick. The third, Jennifer, joined nine months in and stayed for the rest of my ownership. She even worked with the new owner for a year after I sold the stores.

Jennifer and I were in daily contact, even when I was on the road. When I was home, I’d visit at least once a week to stay connected with the team. I didn’t work shifts, but I maintained presence. I wasn’t micromanaging — I was culture managing.

Related: Connected for Success: 4 Crucial Values of an Interconnected Organizational Culture

4. Lead the culture — even remotely

Culture doesn’t just happen — it must be shaped. We talked often about who we were as a team and what kind of environment we wanted. We trained slowly, coached consistently and gave employees the chance to lead. Their input helped us innovate, meet goals and stay aligned.

When team members proved themselves, we gave them more autonomy. That investment paid off in loyalty and performance. The stores didn’t just feel like mine — they felt like ours.

5. Let go of control (strategically)

No one ran the business exactly like I would have. No one sold as much or cared as deeply. But they didn’t have to. I learned that if the team could operate at 80% of my personal standard, that was enough for success, and it gave me space to keep speaking and open a second location.

Letting go gave others room to step up. It made Jennifer’s job easier. And it allowed me to focus on growing the business, not just running it.

6. Manage by the numbers

When you’re not on-site, metrics become your eyes and ears. I watched weekly sales, average ticket size, expenses and customer reviews religiously. I studied every P&L. I also tracked individual employee performance so Jennifer could coach in real time when needed.

She managed the floor. I managed the numbers. That structure kept everything moving, even when I was out of town.

One of the proudest moments of my franchise journey was winning the best customer service award. It wasn’t just about sales—it was about the culture we’d built. That award confirmed what I’d come to believe: franchise success isn’t about working harder. It’s about working smarter, creating systems and growing people.

The experience didn’t just strengthen my speaking content — it transformed it. I had real stories. Real wins. Real setbacks. It all added authenticity to my message. You don’t need to give up your day job to build a successful business. But you do need to take that business seriously. Put systems in place. Lead your people. Watch your numbers. And above all, trust the team you’ve built.

That’s how you grow something great — even when you’re not there to see it.

I’ve spent decades as a business and management speaker, presenting to leaders about performance, leadership and building strong teams. But early in my career, I started to feel a little uneasy.

I was offering advice to audiences filled with managers and experienced business owners, many of whom had far more hands-on experience than I did. I didn’t want to be perceived as another speaker who talks theory but lacks real-world credibility. I wanted my insights to be grounded in experience, not just inspiration.

Then one day, flipping through an airline magazine, I saw an ad for Edible Arrangements. Something clicked. Franchising intrigued me because it’s a model that combines consistency and variability. Everyone follows the same system in similar markets, but performance varies. That meant there had to be a variable. If I could identify it and make it work for me, I wouldn’t just build a business — I’d gain insights I could bring to my clients.

The rest of this article is locked.

Join Entrepreneur+ today for access.



This story originally appeared on Entrepreneur

BBB Gets Closer To Death As House Republican Says They Aren’t Trump’s “B*tches”

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PoliticusUSA is independent news that you can trust, so please support our work by becoming a subscriber.

House Republicans are so far not going along with the plan of ramming the Big Beautiful Bill Act that the Senate passed through their chamber quickly so that it can be signed by Trump on the 4th of July.

The clearest sign of rebellion was captured by Punchbowl News’s Kenzie Nguyn who along with a group of reporters, got this quote which she posted on X from Rep. Derrick Van Orden of Wisconsin:

The president of the United States didn’t give us an assignment. We’re not a bunch of little bitches around here, okay? I’m a member of Congress. I represent almost 800,000 Wisconsinites.”

House Republicans are enraged in part because the Senate changed the whole structure of the bill that they passed including ratio to tax cuts to spending cuts.

Mike Johnson is stuck right now. House Republican leadership doesn’t even have the votes to pass the rule so that they can bring the Senate bill to the floor for debate and a vote.

There are dozens of House Republicans who are reportedly planning on voting no.



This story originally appeared on Politicususa

Reminders iOS 26 vs iOS 18: Features, design, compared

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Reminders in iOS 26 has a few new smart features with Apple Intelligence, and a restrained visual upgrade over iOS 18. Here’s how the two versions compare.

The Reminders app isn’t really an app that people think about that can do with some improvements. What Apple has at the moment is already a pretty good tool for making lists and following through with them.

With the introduction of iOS 26 at WWDC, Apple made quite a few alterations to the app. While the general structure remains untouched, it has refreshed the appearance as well as made it much smarter.

Reminders iOS 26 vs Reminders iOS 18 – Main screen

The first screen you see in Reminders is the first hint that there are changes at play for the app. The bones of the layout are identical across iOS 26 and iOS 18, with the main sections at the top and My Lists below, complete with items in each.

However, just like other first-party apps, Reminders has been hit by Liquid Glass, Apple’s new aesthetic for all of its operating systems.

The initial manifestation of this is a change from a small, round, colored icon on a white button for the top five sections to the opposite. Instead, the color-coded segments are filled up with color, while the white is reserved for the representative icons, which makes it quite a bit classier.

It’s almost as if Apple’s communicating that you can touch the entire button, whereas the circular icons almost seemed like smaller buttons on a larger white backdrop, though really the entire thing was the button.

There’s a little bit more whitespace around the My Lists section, which also makes it a little bit easier to tap each list individually.


Reminders iOS 26 vs Reminders iOS 18 – The iOS 18 [left] interface has been tweaked for iOS 26 [right]

In iOS 18, the interface included a dots icon in the top right to edit the lists and to load from a template. At the bottom were options to create a new reminder or to add a new list, while a search bar appeared if you pulled down.

The iOS 26 approach changes things up, so that a Liquid Glass lozenge in the top right has icons for search as well as to create a new list, and the edit lists/templates button. At the bottom is a single blue button with a plus symbol, which is to create a new reminder.

While this is fairly neat in iOS 26, it’s less intuitive than before, especially since Apple has switched away from text to ambiguous buttons for new lists and new reminders.

Reminders iOS 26 vs Reminders iOS 18 – Reminders and New Lists

Setting up a new reminder has changed quite a bit. Most of it is in a restructuring of what is asked of the user to generate the reminder.

In iOS 18, tapping New Reminder has boxes for Title and Notes, an option to select the list, and Details. The last one brings up toggles for Date, Time, Location, When Messaging, and Flag, with extra options for Tags, Priority, a URL, and an image that could be added.

The iOS 26 update lets you enter in a bit more information than before, with top boxes including Title, Notes, and URL. Toggles are also immediately presented for Date and Time, then a setting for the list itself.

Two smartphone screens showing 'New Reminder' interfaces; left screen lists 'Find holy grail,' and right screen has 'Buy melting candles,' with options for date and time.
Reminders iOS 26 vs Reminders iOS 18 – You can add more data upfront in iOS 26’s version.

A Details link is also available for the other items, including adding tags, flagging the item, setting priority, then Location and When Messaging for when to remind the user, and adding images.

Apple hasn’t changed the information requested here, nor the options. But, much like other changes in iOS 26, it’s a refinement that lets users add a lot more without necessarily needing to take the extra step to go into Details.

In stark contrast is New List, which is the way you add a new list to the collection. While Apple has refined the structure of making a new reminder, the list generation screen remains practically untouched.

Even when it’s a smart list rather than a standard one, everything in iOS 26 is identical to what’s shown in iOS 18, with a little added Liquid Glass spit and polish.

Two smartphone screens display a new list creation interface, showing color options, list type selection, and a keyboard for input.
Reminders iOS 26 vs Reminders iOS 18 – The method to add a new list is surprisingly untouched.

The only differences are a hint of Liquid Glass and the change from “Done and Cancel” at the top to a tick and a cross. There are no real changes here.

Sometimes, no changes are needed if the function works good enough.

Reminders iOS 26 vs Reminders iOS 18 – List views and Apple Intelligence

Opening one of your lists comes up with the usual view of items, which you can quickly add to or tick to say they are done. It’s quite similar across iOS 18 and iOS 26, which is to be expected for a list app.

The first obvious change is that iOS 18 has a “New Reminder” text at the bottom, making it obvious where to tap to add something new. In iOS 26, it’s the equally understandable Plus icon in the bottom right.

Two smartphone screens display a shopping list, featuring items and an options menu with actions such as sorting, adding sections, and deleting the list.
Reminders iOS 26 vs Reminders iOS 18 – Viewing lists and the options for each version are pretty similar, with minor exceptions

Icons in the top right open up the share sheet, as well as more options for the list. Both operating system versions have the same broad list of options, such as to show completed tasks, to select and rearrange reminders, to adjust the list information, to add sections, and to view as columns.

In the case of iOS 26, there’s the option to “Auto-Categorize,” complete with an Apple Intelligence logo. If selected, it will analyze the list and put all of the items into sensible categories.

For example, a shopping list could have sections for Dairy, Cleaning Supplies, and Fruits. You can create sections manually, but this seems to be quite robust and makes sensible categories where possible.

Two smartphone screens display a shopping list app with categories like dairy, drinks, and fruits. Items include milk, cheese, eggs, drink cans, and various fruits.
Reminders iOS 26 vs Reminders iOS 18 – Auto-Categorize in action in iOS 26

If you don’t like what Apple Intelligence selects for the categories, you can always disable them all with a few taps, return to a full-list view, or make them yourself.

This addition is quite helpful, but is especially so for lengthy lists of items or tasks that can be easily categorizable. Not everyone wants to manually sort out a list of 50 shopping list items by category, especially when there’s a button that can do it for you.

Of course, with Apple Intelligence being a major part of iOS now, it can do more in Reminders.

Apple says that Apple Intelligence will be able to suggest tasks to add to lists, grocery items to shopping lists, and other follow-up tasks. It will do so by detecting potential items based on emails and other readable text on the iPhone.

This could be handy if you use task lists regularly in your life, or if you feel you really need to, since Apple Intelligence will be nudging you to use Reminders more often.

Reminders iOS 26 vs Reminders iOS 18 – Smarter changes

The Reminders app was in a good place in iOS 18, in terms of how it looked and what it could do. As an app for keeping lists and reminding users, it was an excellent app that competed strongly with third-party rivals.

Apple’s revisions in iOS 26 keep the heart and the vast majority of the app intact. Anyone who uses Reminders in iOS 18 will be immediately at home in iOS 26 and quickly get what they need done.

While Apple has made tweaks to make it more productivity-friendly, the inclusion of Apple Intelligence is a big one. Especially since it doesn’t overwhelm or replace any features, but adds to the overall experience.

From the simple automatic categorization of list items to suggesting additions, these are fairly obvious areas where Apple Intelligence can help out.

The real question is to ask where Apple Intelligence can be even more assistive with the app.



This story originally appeared on Appleinsider

DOJ Antitrust chief is betting American tech will beat China

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Gail Slater, Donald Trump’s head of antitrust, is tasked with a formidable agenda that requires precision: Foster a business-friendly environment that lets tech companies stay big enough to compete with China while ensuring they don’t become excessively dominant.

“It’s about enforcing antitrust robustly in a way that works for all Americans … that’s my starting point,” Slater, 53, told me in her first interview since taking on her role as Assistant Attorney General for the Antitrust Division at the Department of Justice a little over 100 days ago.

Slater took over a serious docket of cases that includes suits against Google, in regards to search and ad tech; Apple, for its smartphone market dominance; Visa, in relation to debit card payment processing; and Live Nation/Ticketmaster and its live entertainment business.

Assistant Attorney General for the Antitrust Division Gail Slater tells me the crux of her job is “enforcing antitrust robustly in a way that works for all Americans.” Bloomberg via Getty Images

While she won’t comment on the status of those cases, she’s been a key advisor urging Trump to stay the course on antitrust enforcement — despite tech companies’ efforts to sway him.

(When I asked how frequently she discusses agenda with President Trump, she told me, “We get a lot of signals from the White House in the form of Executive Orders.”)

Slater is deeply committed and believes aggressive antitrust enforcement can benefit consumers in countless ways — even on seemingly unrelated issues.

“Speech and the censorship of speech can be downstream of [tech companies] market power,” she noted.

Not everyone on the right agrees with her. Some Republicans, like Rep. Thomas Massie (R-Ky.), believe the US government should tread lightly with tech companies. They worry that too much regulation could unintentionally give China a dangerous advantage when it comes to artificial intelligence.

While tech titans, like Meta’s Mark Zuckerberg (far left) and Google’s Sundar Pichai (center in glasses) have cozied up to the Trump Administration, they aren’t immune to regulation. AP

But Slater feels antitrust efforts could actually give the US a leg-up.

“Companies competing against one another innovate. That’s the free market at its finest,” she explained. “We can win the AI race against the Chinese without becoming like China… we will win the global race to AI the American way.”

Bringing cases against massive companies can cost millions, making Slater’s job — at a time when everyone in the federal government is under the gun to cut costs — especially challenging.

“The big tech cases alone are a huge, huge lift, both from a human resource standpoint, a scale standpoint when it comes to documents and experts and how we put those cases on a trial,” Slater said.


This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC’s power players (and those who aspire to be).


Her efforts, she said, have to be “low resource, high return on investment things.”

And even though she is focused on ending unfair monopolies, she’s also trying to implement as many pro-business policies as she can.

On the front end, Slater is now allowing early terminations to the (previously) mandatory 30-day waiting period for mergers to close on deals the DOJ deems benign. Since taking the helm, she has granted 58 of 322 filings, worth $71 billion.

“In particular, we are taking settlements in merger cases where the previous administration took none,” she said.

Gail Slater is now allowing early terminations to the (previously) mandatory 30-day waiting period for mergers to close on deals the DOJ deems benign REUTERS

At the back end of deals, she has embraced the use of consent decrees — allowing parties to resolve competitive overlaps by divesting assets to qualified buyers, a practice the prior administration largely avoided.

“We listened hard to concerns that Wall Street and others had about the policy of the prior administration on deal flow,” she told me of efforts to simplify rules where she can. “We inherited a historic docket and we want to be responsible stewards of that, But we’re also setting [the agenda] by fixing the merger review process to make it more transparent, to make work better for deal makers.”

Slater, who is soft-spoken, jokes “this is me raising my voice” when talking about the efforts they’ve already made to cut over-regulation.

She has also teamed up with the Federal Trade Commission to eradicate what she describes as “useless” regulations. 

“We opened up a docket and we said to anybody interested with expertise in the area, tell us the regulations that you’re aware that are hindering competition — and the ways in which that could be fixed. Because we want to support free market competition,” Slater said. “That’s the goal here.”

In a Truth Social post, Donald Trump made it clear that fighting Big Tech is a key priority for Slater. Donald J. Trump / Truth Social

Another tool is using amicus briefs to strategically influence federal court cases, like they have done in Texas v. BlackRock — a high-profile antitrust lawsuit where states allege major investors like BlackRock colluded to reduce coal production, raising energy prices.

She said it is a way of supporting American companies and administration policies with relatively inexpensive but high-impact interventions.

Slater, who was born in Dublin and studied at Oxford, moved to the US in 2003 and worked as a trial attorney at the FTC for a decade. She held positions at  the Internet Association, Fox Corporation, Roku and, during the first Trump administration, the National Economic Council, before advising JD Vance on antitrust issues while he was an Ohio senator.

She’s excited moving beyond the cases left to her by her predecessor.

“A priority for me is health care,” she told me. “We’re looking to set a positive agenda around drug pricing and health care more broadly.

Send NYNext a tip: nynextlydia@nypost.com



This story originally appeared on NYPost

Mamdani’s rent freeze will warp NYC’s housing — and hurt us all

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The city’s Rent Guidelines Board boldly embraced common sense Monday by voting to permit rent increases for the city’s nearly one million rent-stabilized apartments — modest ones of 3% for one-year and 4.5% for two-year leases. 

It was a courageous move in today’s political climate.

Of course, struggling property owners should be able to collect enough rent to cover their rising expenses — insurance, property taxes, utility costs, not to mention sheer overall inflation.

Yet Zohran Mamdani, city Democrats’ mayoral nominee, is only doubling down on his promise not to raise, but to freeze regulated rents.

We’ve seen this rent-freeze movie before, though — and we should be grateful to the RGB for not green-lighting a sequel.

Former two-term Mayor Bill de Blasio, who has endorsed Mamdani’s rent-freeze pledge, did just that three times during his eight years in office, and throughout his tenure his RGB appointees never approved an increase of more than 1.5%. 

As a result, the city reaped a whirlwind of deferred maintenance and health hazards.

In 2021, the federal Census Bureau’s New York City Housing and Vacancy Survey told the de Blasio era’s sorry housing story: It found — in its understated bureaucratic language —  “a higher prevalence of most individual maintenance deficiencies relative to earlier cycles.”

Translation: Freezing rents resulted in crumbling apartments. 

The report compared the condition of rent-stabilized units with those that are unregulated — and its results should be eye-opening for those wanting to follow in de Blasio’s footsteps.

As de Blasio left office, 33% of rent-stabilized units (316,000 apartments) had rodents, twice as many as unregulated ones.

Roughly twice as many regulated apartments were found to have leaks, heating breakdowns, broken plaster or peeling paint, toilet malfunctions, elevator outages and mold.

As much as progressives may want to blame greedy slumlords for all these woes, the reality is that squeezing rental income — for property owners who must pay banks that certainly won’t freeze mortgage payments — means repairs and improvements are more likely to be put off

Something had to give, and under de Blasio, it did.

The 2021 report also pointed to what has since become an increasing trend: “ghost apartments” — units simply held off the market because the cost of repairing and operating them makes them money-losers. 

In 2021 more than 28,000 units were off the market because they were “awaiting renovation,” as the Census Bureau report optimistically put it. Another 27,000 were off the market for “other” reasons. 

Even as overall housing supply increased, under de Blasio the city saw “a continued net loss of the lowest-cost units and a net increase of higher-cost units relative to 2017.” 

In other words, high-end units not subject to rent stabilization were increasing. The mayor so intent on addressing inequality actually ushered in the opposite.

This is what a rent freeze leads to: Apartments that are pest-infested and shabby — or simply not on the market at all.

Under Mayor Eric Adams, whose signature “City of Yes” initiative seeks to increase housing construction rather than freeze rent, the city has seen an increase of 275,000 occupied housing units (153,000 rentals and 123,000 owner-occupied).

That’s not been nearly enough to loosen a super-tight housing market with a vacancy rate of just 1.4% percent — and it reflects developers’ reluctance to build, for fear that even new units might become subject to rent regulation, as federally subsidized units are.

Developers have been put off as well by the end of a state property-tax abatement law that meant to encourage more residential housing. The replacement law allows fewer of the higher-income units that help projects make economic sense. 

And, as always, low turnover in rent-regulated units — where residents stay put because they’ve got such a good deal — increases the demand for non-regulated apartments, pushing up their rents.

There’s little doubt a Mayor Mamdani would appoint a Rent Guidelines Board friendly to his rent freeze. After all, it’s his signature issue.

He’ll have to ignore what that board has been told by Mark Willis of the Furman Center on Real Estate at NYU: that owners of rent-stabilized properties in The Bronx are, on average, losing a stunning $120 per month on every apartment, leaving 200,000 units, concentrated in that borough, under “severe distress.”  

If you think we can’t return to the bad old days of “The Bronx is burning,” think again.

And don’t buy city Comptroller Brad Lander’s snake-oil claim that regulated landlords are making a killing. Yes, they earned a 12% return this year — but only after four years of zero net operating income.

New Yorkers can see for themselves the damage wrought by a combination of artificially low rents and deferred maintenance. 

Just look at the city’s 177,000 public housing units, where chronic elevator breakdowns trap residents in their homes and constant heating outages leave them shivering.

A rent freeze will bring us housing equality, all right — if you define that as equally poor conditions in both public and private rent-regulated apartments.

Howard Husock is an American Enterprise Institute senior fellow and author of “The Poor Side of Town — And Why We Need It.”



This story originally appeared on NYPost

Down 8% to under £19, is BAE Systems’ share price a bargain?


Image source: Getty Images

BAE Systems‘ (LSE: BA) share price has dropped 8% from its 5 June one-year traded high of £19.98. However, this still leaves it up 206% from 14 February 2022, when Russia invaded Ukraine.

The world since then has certainly not become a more peaceful place. And NATO members are aware they have to keep boosting their defence spending to reduce the chance of war.

BAE Systems — as Europe’s largest defence contractor and the world’s seventh largest – has looked a prime beneficiary for this spending.

Has the investment rationale changed?

At the 24-25 June NATO summit, the European allies decided to spend 5% of their gross domestic product on defence. This aligns with US President Donald Trump’s view on how much they should spend, compared to 2024’s 2% average.

There also remains a global security threat from China in Asia Pacific. President Xi Jinping has ordered the military to “be ready by 2027” to invade Taiwan.

And in the Middle East, the current ceasefire between Israel and Iran looks fragile.

How does the core business look?

Given the race to boost defence spending, BAE Systems’ order book is swelling by the month. In June, the UK government released £204.6m in funding for new radar for the Royal Air Force’s Eurofighter Typhoon jets. The firm’s a key partner in this programme.

Just a few days before, it was awarded a $1.2bn (£0.89bn) contract for the US Space Force missile warning system. And just prior to that, it won a $30m contract from the US Department of Defense for counter-cyber threat systems.

BAE Systems forecasts a 7-9% year-on-year rise in sales from 2024’s £28.3bn. It also projects an 8-10% increase in earnings before interest and taxes (EBIT) from last year’s £3bn. In its full-year 2024 results, the firm’s order backlog rose 11% to £77.8bn.

A risk here is of some major fault in one of the firm’s key products. This could be expensive to fix and could also damage its reputation.

That said, consensus analysts’ forecasts are that its earnings will jump 9.5% a year to the end of 2027. And it’s growth here that ultimately powers any firm’s share price and dividends higher over time.

Are the shares going cheap?

Looking first at key stock valuation measures, BAE Systems’ 28.9 price-to-earnings ratio is undervalued against its 38.3 peers’ average. These comprise L3Harris Technologies at 29.2, Rolls-Royce at 32, RTX at 42.4, and TransDigm at 49.7.

It also looks cheap at a 2.1 price-to-sales ratio compared to its competitors’ average of 4.8.

A discounted cash flow analysis highlights where any firm’s share price should be, derived from cash flow forecasts for the underlying business. The one for BAE Systems shows it’s 19% undervalued at its current £18.42 price.

Therefore, the fair value for the shares is £22.74 – a bargain to its price now.

My view

I already have a considerable holding in BAE Systems, so am happy with that.

However, I think it’s well worth the consideration of investors, given its strong earnings growth prospects. This should drive the share price (and dividends) higher over the long term.



This story originally appeared on Motley Fool

Lakers agree to terms with center Deandre Ayton

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The Lakers finally got a center they have so desperately needed when they agreed to a deal with Deandre Ayton, according to people not authorized to speak publicly on the matter.

The Lakers were able to get Ayton after he received a buyout from the Portland Trail Blazers of his $35-million contract, giving up about $10 million, according to reports. That opened the door for the Lakers to get Ayton for $16 million over two season after he cleared waivers Wednesday, according to people familiar with the deal. Ayton holds a player option for the second season.

Ayton averaged 14.4 points and 10.2 rebounds over 30.2 minutes per game for the Trail Blazers last season. But he played in only 40 games, missing every game after the All-Star break because of a calf injury.

At 26 and 7-foot, Ayton fills a need for the Lakers because of his age, size and athleticism.

After the Lakers traded Anthony Davis to the Mavericks last season for Luka Doncic, the team was left with only Jaxson Hayes at center. Hayes was inefficient in the playoffs against the Minnesota Timberwolves, losing his starting job after playing in the first four games.

When the free-agency period started Monday afternoon, the Lakers didn’t have a center on their roster, which they now have in Ayton, who has averaged 16.4 points and 10.5 rebounds in his seven-year career while making 59% of his shots.

The Lakers had been linked to free-agent centers Brook Lopez, who agreed to a deal with the Clippers, and Clint Capela, who agreed to a deal with the Houston Rockets.

The Lakers had more money to spend on Ayton because Dorian Finney-Smith declined his $15.3-million option with L.A. and agreed to a deal with the Houston Rockets for $53 million over four years.

Ayton was the first overall pick by the Phoenix Suns in the 2018 NBA draft, two spots ahead of Doncic, who was selected third by the Atlanta Hawks and then traded to the Mavericks.

The Lakers see Ayton as a lob threat alongside Doncic, which worked well in Phoenix when Chris Paul was throwing lobs to Ayton when they reached the NBA Finals.

The Lakers feel good about the addition of Ayton because they got younger, more mobile and more athletic.

Also, the Lakers were able to maintain significant salary-cap flexibility going forward and are projected to have $60 million in cap space next July.

The Lakers aren’t done, as they will continue to monitor the league for roster upgrades through trades and other free agents.



This story originally appeared on LA Times

Trump may have dropped a clue on social media that the jobs number won’t be good

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Investors will be looking at the U.S. federal government’s official jobs number, due out this morning, to gauge whether the Trump Administration is helping or hurting the economy.

Most economists argue that President Trump’s tariff policy will hurt the economy by raising the price of anything Americans need to import and by moving some supply chains to the U.S., where costs are higher and manufacturing is less efficient.

But inflation and the unemployment rate have barely budged, and the hard data so far shows little damage. In fact, businesses over-ordering from overseas in an attempt to front-run the tariff deadline may have increased economic activity in the first half.

Nonetheless, the federal government has cut jobs, there have been mass layoffs at a number of companies — Microsoft most recently. The ADP private payroll report showed a 33,000 reduction in jobs for June.

Pantheon Macroeconomics analysts Samuel Tombs and Oliver Allen think the ADP number is garbage.

“ADP’s forecasting track record is dire,” they said in a note seen by Fortune. “ADP underestimated the initial estimate of private payrolls by just over 100K in both April and May, and the size of these misses is far from unusual. … ADP suggests that employment in the manufacturing, distribution, and construction sectors, which currently face big headwinds from the tariff impact and ongoing downturn in homebuilding, all grew strongly in June. But the forecasting track record of the ADP’s sector employment estimates is just as unreliable as its headline numbers. … we’re inclined to ignore it.”

The Pantheon team is also worried about private residential construction, which declined 6.7% year-over-year in May.

Pantheon is estimating a 100,000 increase in non-farm payrolls. Goldman Sachs’ prediction is 85,000. Consensus is 110,000.

“Big data indicators were soft, we estimate the termination of Temporary Protected Status for approximately 350k Venezuelan migrants in mid-May will impose a 25k drag, and we expect a 15k decline in federal government payrolls. We estimate that the unemployment rate edged up to 4.3% on a rounded basis,” Jan Hatzius’s team at Goldman told clients.

UBS also thinks the number might be low.

“There is a hint today’s report may be weak,” Paul Donovan said. “US presidents normally see the data the night before release. Last night, US President Trump issued a social media post calling for Federal Reserve Chair Powell to resign. Policy uncertainty and the largest tax increase in modern times are more likely to damage the labor market than Fed policy, but the post might signal weaker data.”

Stock traders usually like it when unemployment increases because when companies shed workers, they shed costs too, and that shows up on the bottom line as increased earnings per share.

S&P 500 futures are holding up this morning and investors took the index to a new all-time high yesterday. JPMorgan’s Emma Wu and team say retail traders came back into the market in the last couple of weeks. 

Put all those clues together—ADP’s low number, weak indicators in the data, Trump trying to blame Powell for everything, and retail traders buying up the market—and it suggests that investors are betting today’s jobs number will be grim.

Of course, if they are all wrong, then expect volatility in the markets today as investors eat a big slice of crow pie and Trump takes a loud victory lap.

Here’s a snapshot of the action prior to the opening bell in New York:

  • S&P futures were marginally up this morning
  • The S&P 500 his a new high, 6,227.42.
  • Markets in Europe and the UK were trending up in early trading.
  • Nasdaq Composite was up nearly 1%.
  • Dow Jones was flat.
  • South Korea’s Kospi was up 1.34% this morning.
  • China’s CSI 300 Index was up 0.62%.
  • Bitcoin is at $109K.
  • Japan’s Nikkei 225 is flat.



This story originally appeared on Fortune

G Flip Drops Emotional New Single ‘In Another Life’ And Listeners Are Already Crying


Instagram/@gflip

On July 11th, G Flip announced the arrival of a new single titled ‘In Another Life.’ If the sample snippets from the song tell us anything, it’s time to bottle-up those tissues. The Australian artist shared an emotionally draining treat on Instagram with the words that cast a piercing blow into the heart: ‘Will you be mine in another life? I will be waiting…’ It was dedicated to ‘anyone who has had to say goodbye to someone or something special.’

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Tearful joy started kakofonizing from all quarters under the comments, as listeners could hardly contain the emotional outpouring elicited by this song. One user wrote, ‘I’ve been crying over this since day 1,’ while another said, ‘I remember hearing this song on the bus and BAWLING my eyes out.’ Even those who have not heard the entire song can feel its impact; one declared: ‘Oooft this hits hard this one.’

G Flip threw down some of the most piercing lyrics alongside their genre-bending sounds as a teaser for the album ‘Dream Ride,’ coming September 5th-have the fans running in a frenzy to pre-save the single and album. One comment said: ‘Banger so good, can’t wait to hear the whole album,’ while another basically asked: ‘YESSSSSSSSS!! how do they write exactly how I feel every single time?’

All this acclaim clearly indicates that G Flip takes songs formed from experiences felt on the most personal level by way of would-be interaction whose meaning rubs off on a very general ground. Whether the song narrates a nostalgic yearning for a lost love or a bittersweet hope for a reunion in another life, the artist has perfectly depicted feelings shared by all. And if comments are anything to go by, then this one is going to be another road trip sobby hit on repeat.

Other reluctant listeners weren’t amply patient for the official track release. ‘Can’t wait to blast this from my car; i need it yesterday,’ gushed one, while another commented: ‘Brb, getting the tissues.. 😅’ The excitement got out of hand after G Flip joined in. Another fan had spilled all her secrets to G Flip, sharing how she had ‘squealed like a lil girl in front of my boss!’

A full track release mere days away cannot hide this clear fact: another track that sounds great and feels like a shared experience may have been delivered by G Flip yet again. ‘In Another Life’ may very well become the emotional anthem for this summer if the early reactions are any indicator.

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Further promises of a raw similar energy will be witnessed in the forthcoming album ‘Dream Ride’, but the ride will surely be an emotional rollercoaster if this single is anything to go by. Whether at home chilling, rocking on with some tunes, or lamenting on the bus, one thing is sure- G Flip is a certified label of music that somehow marks your memory. This time down, they went straight to the jugular with a song that’s half embrace, half heartbreak.




This story originally appeared on Celebrityinsider