Lost Worlds http://lost-worlds.com/ Wed, 10 Aug 2022 10:24:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://lost-worlds.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Lost Worlds http://lost-worlds.com/ 32 32 Topical Pain Relief Market Size, Scope, Revenue, Opportunities and Growth by 2028 – Shanghaiist https://lost-worlds.com/topical-pain-relief-market-size-scope-revenue-opportunities-and-growth-by-2028-shanghaiist/ Wed, 10 Aug 2022 10:24:38 +0000 https://lost-worlds.com/topical-pain-relief-market-size-scope-revenue-opportunities-and-growth-by-2028-shanghaiist/

New Jersey, United States – Verified Market Research recently released a new report titled topical pain relief market Overviews, Size, Forecast to 2028. The report is prepared using primary as well as secondary research methodologies that provide precise and concise understanding of the Topical Pain Relief market. The analysts have used a top-down and bottom-up approach to assess the segments and give a fair assessment of their impact on the topical pain relief market. The report provides a market overview that briefly describes the market status and key segments. It also mentions the major players in the topical pain relief market.

The Topical Pain Relief market research report includes SWOT analysis and Porter’s Five Forces analysis which helps to deliver the precise trend of the market. These market measurement tools help identify drivers, restraints, weaknesses, market opportunities and threats. The research report provides figures on the global market as well as figures on the regional markets and their segments.

Get Sample Full PDF Copy of Report: (Including Full Table of Contents, List of Tables and Figures, Chart) @ https://www.verifiedmarketresearch.com/download-sample/?rid=11084

The Topical Pain Relief research report begins with an executive summary that offers a brief overview of the market. It names the major segments and players that will shape the market in the coming years. The summary provides an unbiased view of the market. In the following chapters Topical Pain Relief Market research report focuses on the engines. It explains the demographic shifts that are likely to impact the demand and supply in the topical pain relief market. It discusses regulatory reforms that are expected to change the outlook. Additionally, the researchers discussed the actual source of the demand to analyze its nature.

The report also highlights the constraints of the topical pain relief market. The analysts have discussed the details and highlighted the factors that are likely to hinder the market growth in the coming years. The evolution of lifestyles, fiscal policies and purchasing power of different economies has been studied in detail. The report shows how these limitations, if properly assessed, can be turned into opportunities.

Key Players Mentioned In The Topical Pain Relief Market Research Report:

Topical BioMedics Inc., AdvaCare Pharma, Sun Pharmaceutical Industries Ltd., Johnson & Johnson, Novartis AG, GlaxoSmithKline Plc., Pfizer Inc., Reckitt Benckiser Group Plc., Sanofi SA, Nestle SA

Topical Pain Relief Market Segmentation:

Topical Pain Relief Market, By Therapeutic Class

• Non-opioids
• Opioids

Topical Pain Relief Market, By Type

• Prescription Pain Relief
• Over-the-counter pain relief

Topical Pain Relief Market, By Formulation

• Cream
• Capsules
• Others

Topical Pain Relief Market, By Distribution Channel

• Pharmacies and drugstores
• E-commerce
• Retail stores and grocery stores

Inquire for a discount on this Premium Report @ https://www.verifiedmarketresearch.com/ask-for-discount/?rid=11084

To prepare the table of contents, our analyst did extensive research on the following:

Presentation of the report: It includes key Topical Pain Relief Market players covered in the research study, research scope, market segments by Type, market segments by Application, years considered for the research study and the objectives of the report.

Global Growth Trends: This section focuses on industry trends where market drivers and key market trends are shed light on. It also provides growth rates of major producers operating in the Topical Pain Relief market. Further, it offers production and capacity analysis where marketing price trends, capacity, production, and production value of the Topical Pain Relief market are discussed.

Market Share by Manufacturers: Here, the report provides details of manufacturers’ revenue, manufacturers’ production and capacity, prices by manufacturers, expansion plans, mergers and acquisitions and products, market entry dates, distribution and market areas of major manufacturers.

Market Size by Type: This section focuses on the product type segments where production value market share, price and production market share by product type are discussed.

Market Size by Application: Besides an overview of the Topical Pain Relief market by application, it gives a consumption study on the Topical Pain Relief market by application.

Production by region: Here, production value growth rate, production growth rate, import and export, and key players in each regional market are provided.

Consumption by region: This section provides information on consumption in each regional market studied in the report. Consumption is discussed according to country, application and product type.

Company Profiles: Almost all major players of Topical Pain Relief Market are profiled in this section. The analysts provided information on their recent developments in the topical pain relief market, products, revenue, production, business and company.

Market forecast by production: The production and production value forecasts included in this section are for the topical pain relief market along with major regional markets.

Market forecast by consumption: The consumption and consumption value forecasts included in this section are for Topical Pain Relief market along with major regional markets.

Value chain and sales analysis: It thoroughly analyzes customers, distributors, sales channels and value chain of the Topical Pain Relief market.

Main findings: This section provides a quick overview of important findings from the research study.

For more information or query or customization before buying, visit @ https://www.verifiedmarketresearch.com/product/topical-pain-relief-market/

About Us: Verified Market Research®

Verified Market Research® is a leading global research and advisory firm that for over 10 years has provided advanced analytical research solutions, personalized advice and in-depth data analysis to individuals and businesses seeking accurate research, reliable and up to date. data and technical advice. We provide insight into strategic and growth analytics, the data needed to achieve business goals, and help make critical revenue decisions.

Our research studies help our clients make superior data-driven decisions, understand market forecasts, capitalize on future opportunities, and maximize efficiency by working as a partner to deliver accurate and valuable insights. The industries we cover span a wide spectrum, including technology, chemicals, manufacturing, energy, food and beverage, automotive, robotics, packaging, construction, mining and the gas. Etc.

At Verified Market Research, we help in understanding holistic market indicator factors and most current and future market trends. Our analysts, with their deep expertise in data collection and governance, use industry techniques to gather and review data at all stages. They are trained to combine modern data collection techniques, superior research methodology, subject matter expertise and years of collective experience to produce informative and accurate research.

Having served over 5000 clients, we have provided reliable market research services to over 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony and Hitachi. We have co-consulted with some of the world’s leading consulting firms such as McKinsey & Company, Boston Consulting Group, Bain and Company for custom research and consulting projects for companies around the world.

Contact us:

Mr. Edwyne Fernandes

Verified Market Research®

USA: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US toll free: +1 (800)-782-1768

E-mail: sales@verifiedmarketresearch.com

Website:- https://www.verifiedmarketresearch.com/

]]>
LOUISIANA-PACIFIC CORP MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://lost-worlds.com/louisiana-pacific-corp-managements-discussion-and-analysis-of-financial-position-and-results-of-operations-form-10-q/ Tue, 09 Aug 2022 16:49:04 +0000 https://lost-worlds.com/louisiana-pacific-corp-managements-discussion-and-analysis-of-financial-position-and-results-of-operations-form-10-q/
This Management's Discussion and Analysis of Financial Condition and Results of
Operations should be read in conjunction with our Condensed Consolidated
Financial Statements and related Notes and other financial information appearing
elsewhere in this quarterly report on Form 10-Q. The following discussion
includes statements that are forward-looking statements that are based on the
beliefs of our management, as well as assumptions made by and information
currently available to our management. See "Cautionary Statement Regarding
Forward-Looking Statements."

General


We are a leading provider of high-performance building solutions that meet the
demands of builders, remodelers, and homeowners worldwide. We have leveraged our
expertise serving the new home construction, repair and remodeling, and outdoor
structures markets to become an industry leader known for innovation, quality,
and reliability. Our manufacturing facilities are located in the U.S., Canada,
Chile, and Brazil.

To serve these markets, we operate in three segments: Siding, OSB and South America.


In March 2022, we sold our 50% equity interest in two joint ventures that
produce I-joists to Resolute Forest Products Inc. (Resolute) for $59 million.
The joint ventures were comprised of Resolute-LP Engineered Wood Larouche Inc.
in Larouche, Quebec, and Resolute-LP Engineered Wood St-Prime Limited
Partnership in Saint-Prime, Quebec. The total net carrying value of our equity
method investment at the date of sale was $19 million. We recognized a gain on
the sale of $39 million during the six months ended June 30, 2022, within Income
from discontinued operations in the Condensed Consolidated Statements of Income.

In June 2022, LP and one of its wholly-owned subsidiaries entered into an asset
purchase agreement with Pacific Woodtech Corporation, a Washington corporation,
and Pacific Woodtech Canada Holdings Limited, a British Columbia limited company
(collectively, the Purchaser). Pursuant to the terms and conditions of the asset
purchase agreement, LP agreed to sell to the Purchaser the assets related to its
Engineered Wood Products (EWP) segment in exchange for the Purchaser's payment
to the Company of $210 million in cash, subject to certain purchase price
adjustments, and the Purchaser's assumption of certain liabilities of the EWP
segment. On August 1, 2022, the Company completed the sale of the EWP assets to
the Purchaser. Upon closing, the Company entered into a transition services
agreement with the Purchaser, pursuant to which the Company agreed to support
the various activities of the EWP segment for a period not to exceed eight
months.

As of June 30, 2022, we have classified the related assets and liabilities
associated with the EWP segment as held for sale in our Condensed Consolidated
Balance Sheets. The results of our EWP segment have been presented as
discontinued operations in our Condensed Consolidated Statements of Income for
all periods presented. See "Note 7 - Discontinued Operations" of the Notes to
the Condensed Consolidated Financial Statements included in Item 1 of this
quarterly report on Form 10-Q for additional information.

Request for our construction products


Demand for our products correlates positively with new home construction and
repair and remodeling activity in North America, which historically has been
characterized by significant cyclicality. The U.S. Department of Census reported
on July 19, 2022, that actual single housing starts were 3% lower for the three
months ended June 30, 2022, and flat for the six months ended June 30, 2022, as
compared to the same periods in 2021. Repair and remodeling activity is
difficult to reasonably measure, but many indications, including the increase in
LP's retail sales, suggest that repair and remodeling activity is continuing to
grow.

Although housing market demand has recently been strong, future economic
conditions in the United States and the demand for homes remain uncertain due to
inflationary impacts on the economy, including interest rates, employment
levels, consumer confidence, and financial markets, among other things.
Additionally, we have experienced increases in material prices, supply
disruptions, and labor shortages, which will be a challenge as we continue to
work to meet the demands of builders, remodelers, and homeowners worldwide. The
potential effect of

                                       22
--------------------------------------------------------------------------------

these factors on our future operating and financial performance is uncertain. Therefore, our past performance may not be indicative of future results.

Supply and demand of OSB panels


OSB is a commodity product, and it is subject to competition from manufacturers
worldwide. Product supply is influenced primarily by fluctuations in available
manufacturing capacity and imports. The ratio of overall OSB demand to capacity
generally drives price. We cannot predict whether the prices of our OSB products
will remain at current levels or increase or decrease in the future.

For additional factors affecting our results, refer to the "Overview" within our
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" section and our "Risk Factors" section contained in our 2021 Annual
Report on Form 10-K, and to the "Cautionary Statement Regarding Forward-Looking
Statements" section in this quarterly report on Form 10-Q.

Significant Accounting Policies and Estimates


Note 1 of the Notes to the Condensed Consolidated Financial Statements included
in our 2021 Annual Report on Form 10-K is a discussion of our significant
accounting policies and significant accounting estimates and judgments.
Throughout the preparation of the financial statements, we employ significant
judgments in the application of accounting principles and methods. These
judgments are primarily related to the assumptions used to arrive at various
estimates.

There have been no changes in the application of the principles, methods and assumptions used to determine our significant estimates since December 31, 2021.

Non-GAAP Financial Measures and Other Key Performance Indicators


In evaluating our business, we utilize non-GAAP financial measures that fall
within the meaning of SEC Regulation G and Regulation S-K Item 10(e), which we
believe provide users of the financial information with additional meaningful
comparison to prior reported results. Non-GAAP financial measures do not have
standardized definitions and are not defined by U.S. GAAP. In this quarterly
report on Form 10-Q, we disclose income attributed to LP from continuing
operations before interest expense, provision for income taxes, depreciation and
amortization, and exclude stock-based compensation expense, loss on impairment
attributed to LP, product-line discontinuance charges, other operating credits
and charges, net, loss on early debt extinguishment, investment income, pension
settlement charges, and other non-operating items as Adjusted EBITDA from
continuing operations (Adjusted EBITDA), which is a non-GAAP financial measure.
We have included Adjusted EBITDA in this report because we view it as an
important supplemental measure of our performance and believe that it is
frequently used by interested persons in the evaluation of companies that have
different financing and capital structures and/or tax rates. We also disclose
income attributed to LP from continuing operations, excluding loss on impairment
attributed to LP, product-line discontinuance charges, interest expense outside
of normal operations, other operating credits and charges, net, loss on early
debt extinguishment, gain (loss) on acquisition, pension settlement charges, and
adjusting for a normalized tax rate as Adjusted Income from continuing
operations (Adjusted Income). We also disclose Adjusted Diluted EPS from
continuing operations (Adjusted Diluted EPS), calculated as Adjusted Income
divided by diluted shares outstanding. We believe that Adjusted Diluted EPS and
Adjusted Income are useful measures for evaluating our ability to generate
earnings and that providing these measures should allow interested persons to
more readily compare the earnings for past and future periods.

Adjusted EBITDA, Adjusted Income, and Adjusted Diluted EPS are not substitutes
for the U.S. GAAP measures of net income and net income per diluted share or for
any other U.S. GAAP measures of operating performance. It should be noted that
other companies may present similarly titled measures differently, and
therefore, as presented by us, these measures may not be comparable to similarly
titled measures reported by other companies. Adjusted EBITDA, Adjusted Income,
and Adjusted Diluted EPS have material limitations as performance measures
because they exclude items that are actually incurred or experienced in
connection with the operation of our business.

The following table reconciles net income to adjusted EBITDA (amounts in millions of dollars):



                                       23
--------------------------------------------------------------------------------
                                              Three Months Ended June 30,                  Six Months Ended June 30,
                                               2022                   2021                  2022                 2021
Net income                               $          385          $       497          $         868          $     817
Add (deduct):
Net loss attributed to noncontrolling
interest                                              -                    -                      1                  1
Income from discontinued operations, net
of income taxes                                     (37)                 (11)                   (99)               (14)
Income attributed to LP from continuing
operations                                          348                  486                    770                803
Provision for income taxes                          116                  144                    240                239
Depreciation and amortization                        32                   29                     64                 57
Stock-based compensation expense                      6                    3                     13                  5

Other operating credits and charges, net            (11)                  (3)                   (10)                (3)
Loss on early debt extinguishment                     -                    -                      -                 11
Interest expense                                      3                    4                      6                  9
Investment income                                    (2)                   -                     (3)                (1)
Other non-operating items                            (2)                   3                      8                  -
Adjusted EBITDA                          $          491          $       665          $       1,089          $   1,119

Siding                                   $           78          $        77          $         160          $     168
OSB                                                 403                  565                    908                919

South America                                        26                   34                     51                 54
Other                                                (7)                  (4)                   (13)                (8)
Corporate                                            (9)                  (7)                   (17)               (14)
Adjusted EBITDA                          $          491          $       665          $       1,089          $   1,119


                                       24
--------------------------------------------------------------------------------

The following table provides a reconciliation of net earnings to adjusted earnings (amounts in millions of dollars, except per share amounts):

                                                 Three Months Ended June 30,                  Six Months Ended June 30,
                                                  2022                   2021                  2022                 2021
Net income                                 $           385          $       497          $          868          $    817
Add (deduct):
Net loss attributed to noncontrolling
interest                                                 -                    -                       1                 1
Loss from discontinued operations                      (37)                 (11)                    (99)              (14)
Income attributed to LP from continuing
operations                                             348                  486                     770               803

Other operating credits and charges, net               (11)                  (3)                    (10)               (3)
Loss on early debt extinguishment                        -                    -                       -                11
Reported tax provision                                 116                  144                     240               239
Adjusted income before tax                             453                  627                   1,001             1,050
Normalized tax provision at 25%                       (113)                (157)                   (250)             (263)
Adjusted Income                            $           340          $       470          $          751          $    788
Diluted shares outstanding                              81                  102                      84               104
Diluted net income attributed to LP per
share                                      $          4.73          $      4.90          $        10.36          $   7.85
Adjusted Diluted EPS                       $          4.19          $      4.63          $         8.96          $   7.56

Key performance indicators


In addition, management monitors certain key performance indicators to evaluate
our business performance, which include our Overall Equipment Effectiveness
(OEE) and our sales volume relative to housing starts, as provided by reports
from the U.S. Department of Census.

The following tables set forth: (1) housing starts, (2) our North American sales
volume, and (3) OEE. We consider the following items to be key performance
indicators because LP's management uses these metrics to evaluate our business
and trends, measure our performance, and make strategic decisions, and believes
that the key performance indicators presented provide additional perspective and
insights when analyzing the core operating performance of LP. These key
performance indicators should not be considered superior to, as a substitute
for, or as an alternative to, and should be considered in conjunction with, the
U.S. GAAP financial measures presented herein. These measures may not be
comparable to similarly-titled performance indicators used by other companies.

We monitor housing starts, which is a leading external indicator of residential
construction in the United States that correlates with the demand for many of
our products. We believe that this is a useful measure for evaluating our
results and that providing this measure should allow interested persons to more
readily compare our sales volume for past and future periods to an external
indicator of product demand. Other companies may present housing start data
differently, and therefore, housing starts data presented by us may not be
comparable to similarly-titled indicators reported by other companies.

                         Three Months Ended June 30,             Six Months Ended June 30,
                        2022                    2021           2022                    2021
Housing starts1:
Single-Family           299                     309            566                     565
Multi-Family            151                     126            274                     229
                        450                     436            840                     793

1 Actual housing in the United States starts reported data with United States Census Bureau as published by
July 19, 2022.



                                       25
--------------------------------------------------------------------------------

We monitor sales volumes for our products in our Siding and OSB segments, which
we define as the number of units of our products sold within the applicable
period. Evaluating sales volume by product type helps us identify and address
changes in product demand, broad market factors that may affect our performance,
and opportunities for future growth. It should be noted that other companies may
present sales volumes differently and, therefore, as presented by us, sales
volumes may not be comparable to similarly-titled measures reported by other
companies. We believe that sales volumes can be a useful measure for evaluating
and understanding our business.

The following table sets forth sales volumes for the three and six months ended
June 30, 2022 and 2021:

                                                Three Months Ended June 30, 2022                                  Three Months Ended June 30, 2021
Sales Volume                           Siding        OSB                     South America       Total                    Siding        OSB                 South America       Total
Siding Solutions (MMSF)                 448            -                               9           457                     406            -                        13             419

OSB - commodity (MMSF)                    -               460                          -           460                       -          481                         -             481
OSB - Structural Solutions (MMSF)         -               514                        149           664                       -          403                       147             550

                                                 Six Months Ended June 30, 2022                                    Six Months Ended June 30, 2021
Sales Volume                           Siding        OSB                     South America       Total                    Siding        OSB                 South America       Total
Siding Solutions (MMSF)                 869            -                              16           885                     810            -                        26             836

OSB - commodity (MMSF)                    -          897                               -           897                       -          936                         -             936
OSB - Structural Solutions (MMSF)         -        1,040                             293         1,333                       -          804                       296           1,100


We measure the OEE of each of our mills to track improvements in the utilization
and productivity of our manufacturing assets. OEE is a composite metric that
considers asset uptime (adjusted for capital project downtime and similar
events), production rates, and finished product quality. It should be noted that
other companies may present OEE differently and, therefore, as presented by us,
OEE may not be comparable to similarly-titled measures reported by other
companies. We believe that when used in conjunction with other metrics, OEE can
be a useful measure for evaluating our ability to generate profits, and
providing this measure should allow interested persons to more readily monitor
operational improvements. OEE for the three and six months ended June 30, 2022
and 2021, for each of our segments is listed below:

                         Three Months Ended June 30,               Six Months Ended June 30,
                                2022                 2021                2022                2021
    Siding                                 76  %     74  %                         75  %     74  %
    OSB                                    71  %     77  %                         73  %     75  %

    South America                          75  %     78  %                         75  %     76  %


Results of Operations

Our results of operations are separately discussed below for each of our
segments, as well as for the "Other" category, which comprises other products
that are not individually significant. See Note 17 of the Notes to the Condensed
Consolidated Financial Statements included in Item 1 of this quarterly report on
Form 10-Q for further information regarding our segments.

Cladding


The Siding segment serves diverse end markets with a broad product offering of
engineered wood siding, trim, and fascia, including LP® SmartSide® Trim &
Siding, LP® SmartSide® ExpertFinish® Trim & Siding, LP BuilderSeries® Lap
Siding, and LP® Outdoor Building Solutions® (collectively referred to as Siding
Solutions).

Segment sales, Adjusted EBITDA and Adjusted EBITDA margin for this segment were as follows (amounts in millions of dollars):

                                       26
--------------------------------------------------------------------------------
                                                Three Months Ended June 30,                                  Six Months Ended June 30,
                                        2022                 2021              Change                2022               2021              Change
Net sales                         $        358            $   291                   23  %       $      689           $   576                   20  %
Adjusted EBITDA                             78                 77                    -  %              160               168                   (5) %
Adjusted EBITDA margin                      22    %            27  %                                    23   %            29  %


Sales in this segment by product line were as follows (dollar amounts in
millions):

                                                Three Months Ended June 30,                                   Six Months Ended June 30,
                                         2022                2021              Change                 2022                2021              Change
Siding Solutions                   $         356          $   288                   24  %       $         686          $   570                   20  %
Other                                          1                3                  (63) %                   3                6                  (48) %
Total                              $         358          $   291                   23  %       $         689          $   576                   20  %


Percent changes in average sales prices and unit shipments for the three and six
months ended June 30, 2022, compared to the corresponding periods in 2021, were
as follows:

                                                      Three Months Ended                                          Six Months Ended
                                                  June 30, 2022 versus 2021                                  June 30, 2022 versus 2021
                                           Average Net                      Unit                      Average Net                      Unit
                                          Selling Price                   Shipments                  Selling Price                   Shipments
Siding Solutions                                        12  %                       10  %                          12  %                        7  %


The combined effects of list price increases and improving mix of innovative
products drove year-over-year increases in the average net selling price for the
three and six months ended June 30, 2022. Additionally, the production ramp-up
of the Houlton facility was ahead of schedule and contributed almost half of the
year-over-year sales volume increase during the three months ended June 30,
2022.

Adjusted EBITDA increased for the three months ended June 30, 2022, reflecting
price and volume growth largely offset by $29 million of raw material and
freight inflation and $7 million of discretionary investments in support of
future growth, including siding mill conversions and sales and marketing costs.
The decrease in Adjusted EBITDA of $8 million for the six months ended June 30,
2022, reflects price and volume growth offset primarily by $55 million of raw
material and freight inflation and $19 million of discretionary investments in
support of future growth, including siding mill and sales and marketing costs.

OSB


The OSB segment manufactures and distributes OSB structural panel products,
including our value-added OSB portfolio known as LP Structural Solutions (which
includes LP® TechShield® Radiant Barrier, LP WeatherLogic® Air & Water Barrier,
LP Legacy® Premium Sub-Flooring, and LP® FlameBlock® Fire-Rated Sheathing) and
LP® TopNotch® Sub-Flooring. OSB is manufactured using wood strands arranged in
layers and bonded with resins.

Segment sales, Adjusted EBITDA and Adjusted EBITDA margin for this segment were as follows (amounts in millions of dollars):

                                                Three Months Ended June 30,                                   Six Months Ended June 30,
                                        2022                 2021              Change                2022                2021              Change
Net sales                         $        673            $   778                  (14) %       $     1,417           $ 1,317                    8  %
Adjusted EBITDA                            403                565                  (29) %               908               919                   (1) %
Adjusted EBITDA margin                      60    %            73  %                                     64   %            70  %


                                       27
--------------------------------------------------------------------------------

Sales in this segment by product line were as follows (dollar amounts in
millions):

                                                 Three Months Ended June 30,                                   Six Months Ended June 30,
                                          2022                2021              Change                2022                2021              Change
OSB - Structural Solutions          $         384          $   350                   10  %       $        791          $   605                   31  %
OSB - commodity                               287              425                  (32) %                621              707                  (12) %
Other                                           2                2                  (21) %                  5                5                    2  %
Total                               $         673          $   778                  (14) %       $      1,417          $ 1,317                    8  %


Percent changes in average sales prices and unit shipments for the three and six
months ended June 30, 2022, compared to the corresponding periods in 2021, were
as follows:

                                                       Three Months Ended                                          Six Months Ended
                                                   June 30, 2022 versus 2021                                  June 30, 2022 versus 2021
                                            Average Net                      Unit                      Average Net                      Unit
                                           Selling Price                   Shipments                  Selling Price                   Shipments
OSB - Structural Solutions                              (14) %                       28  %                           1  %                       29  %
OSB - Commodity                                         (30) %                       (4) %                          (8) %                       (4) %


OSB average net selling prices decreased year-over-year by 22% on 10% higher OSB
sales volume for the three months ended June 30, 2022, resulting in a 14%
decrease in net sales. OSB average net selling prices decreased year-over-year
by 3% on 11% higher OSB sales volume for the six months ended June 30, 2022,
resulting in an 8% increase in net sales.

The decrease in Adjusted EBITDA of $162 million for the three months ended June
30, 2022, reflects $195 million from lower prices and $22 million of increased
raw material inflation offset partially by $54 million from higher sales volume.
The decrease in Adjusted EBITDA of $11 million for the six months ended June 30,
2022, reflects $65 million from lower prices and $45 million of increased raw
material inflation offset partially by $96 million from higher sales volume.

South America


Our South America segment manufactures and distributes OSB structural panel and
siding products in South America and certain export markets. This segment has
manufacturing operations in two countries, Chile and Brazil, and operates sales
offices in Chile, Brazil, Peru, Colombia, Argentina, and Paraguay.

Segment sales, Adjusted EBITDA and Adjusted EBITDA margin for this segment were as follows (amounts in millions of dollars):

                                               Three Months Ended June 30,                                  Six Months Ended June 30,
                                        2022                2021              Change                2022               2021              Change
Net sales                         $        70            $    74                   (5) %       $      137           $   126                    8  %
Adjusted EBITDA                            26                 34                  (23) %               51                54                   (5) %
Adjusted EBITDA margin                     37    %            46  %                                    37   %            43  %


                                       28
--------------------------------------------------------------------------------

Sales in this segment by product line were as follows (dollar amounts in
millions):

                                                 Three Months Ended June 30,                                  Six Months Ended June 30,
                                         2022                2021              Change                 2022                2021              Change
OSB - Structural Solutions          $         64          $    63                    2  %       $         123          $   104                   17  %
Siding                                         6               10                  (39) %                  12               20                  (41) %
Other                                          -                -                 (100) %                   2                3                  (15) %
Total                               $         70          $    74                   (5) %       $         137          $   126                    8  %


Percent changes in average sales prices and unit shipments for the three and six
months ended June 30, 2022, compared to the corresponding periods in 2021, were
as follows:

                                                       Three Months Ended                                          Six Months Ended
                                                   June 30, 2022 versus 2021                                  June 30, 2022 versus 2021
                                            Average Net                      Unit                      Average Net                      Unit
                                           Selling Price                   Shipments                  Selling Price                   Shipments
OSB - Structural Solutions                                4  %                       (4) %                          15  %                       (1) %
Siding                                                  (14) %                      (32) %                          (3) %                      (37) %


Net sales in South America decreased year-over-year by 5% for the three months
ended June 30, 2022, predominately due to 6% lower sales volume. Net sales
increased year-over-year by 8% for the six months ended June 30, 2022, due in
large part to higher OSB prices.

The year-over-year decrease in Adjusted EBITDA of $8 million for the three
months ended June 30, 2022, reflects lower sales volume and higher costs for raw
material costs. The year-over-year decrease in Adjusted EBITDA of $3 million for
the first six months of 2022 reflects the net effect of lower sales volume,
higher raw materials costs, and higher OSB prices.

Others products


Our Other products segment includes off-site framing operation Entekra Holdings
LLC (Entekra), remaining timber and timberlands, and other minor products,
services, and closed operations, which do not qualify as discontinued
operations. Other net sales were $30 million and $55 million for the three and
six months ended June 30, 2022, respectively, as compared to $26 million and $43
million for the corresponding periods in 2021. These increases are primarily due
to increases in Entekra sales volumes.

Adjusted EBITDA was $(7) million and $(13) million for the three and six months
ended June 30, 2022, respectively, as compared to $(4) million and $(8) million
for the corresponding periods in 2021.

Selling, general and administrative expenses


Selling, general, and administrative expenses were $67 million and $129 million
for the three and six months ended June 30, 2022, respectively, compared to $53
million and $97 million for the corresponding periods in 2021. The increase in
2022 is due to increased travel, sales and marketing, and corporate overhead
primarily driven by the reduction of restrictions related to the COVID-19
pandemic and costs associated with stock compensation and performance
incentives.

Income taxes


We recognized an estimated tax provision from continuing operations of $116
million and $240 million for the three and six months ended June 30, 2022,
respectively, compared to $144 million and $239 million for the corresponding
periods of 2021. The total effective tax rate for continuing operations for the
three and six months ended June 30, 2022, was 25% and 24% compared to the 23%
for the comparable periods in 2021, respectively. Each quarter the income tax
accrual is adjusted to the latest estimate, and the difference from the
previously accrued year-to-date balance is recorded in the current quarter. For
2022 and 2021, the primary difference between the U.S. statutory rate of 21% and
the effective rate relates to state income tax.

                                       29
--------------------------------------------------------------------------------

Legal and environmental issues


For a discussion of legal and environmental matters involving us and the
potential impact thereof on our financial position, results of operations, and
cash flows, see Items 3, 7, and 8 in our 2021 Annual Report on Form 10-K and
Note 11 of the Notes to the Condensed Consolidated Financial Statements included
in Item 1 of this quarterly report on Form 10-Q.

Cash and capital resources

Insight


Our principal sources of liquidity are existing cash and investment balances,
cash generated by our operations, and our ability to borrow under such credit
facilities as we may have in effect from time to time. We may also, from time to
time, issue and sell equity, debt, or hybrid securities or engage in other
capital market transactions.

Our principal uses of liquidity are paying the costs and expenses associated
with our operations, servicing outstanding indebtedness, paying dividends, and
making capital expenditures. We may also, from time to time, prepay or
repurchase outstanding indebtedness or shares or acquire assets or businesses
that are complementary to our operations. Any such repurchases may be commenced,
suspended, discontinued, or resumed, and the method or methods of effecting any
such repurchases may be changed, at any time, or from time to time, without
prior notice.

We expect to fund our capital expenditures through cash on hand, cash generated
from operations, and available borrowing under our Amended Credit Facility, as
necessary.

Operating Activities

During the six months ended June 30, 2022 and 2021, cash provided by operations
was $908 million and $772 million, respectively. The improvement in cash
provided by operations for the period ended June 30, 2022, was primarily related
to changes in working capital and lower income payments.

Investing activities


During the six months ended June 30, 2022 and 2021, cash used in investing
activities was $135 million and $63 million, respectively. During the six months
ended June 30, 2022, we received $59 million in proceeds from the sale of our
50% equity interest in two joint ventures.

Capital expenditures for the six months ended June 30, 2022 and 2021, were $196
million and $65 million, respectively, primarily related to siding conversion
expenditures and growth and maintenance capital.

Fundraising activities


During the six months ended June 30, 2022, cash used in financing activities was
$626 million. On May 3, 2022, LP's Board of Directors authorized a share
repurchase plan under which LP was authorized to repurchase shares of LP's
common stock totaling up to $600 million (the 2022 Share Repurchase Program).
During the six months ended June 30, 2022, we used $575 million to repurchase
shares of LP common stock ($500 million from the Second 2021 Share Repurchase
Program (defined below) and $75 million from the 2022 Share Repurchase Program
(defined below)). Additionally, we paid cash dividends of $37 million and used
$15 million to repurchase stock from employees in connection with income tax
withholding requirements associated with our employee stock-based compensation
plans.

During the six months ended June 30, 2021, cash used in financing activities was
$642 million. During the six months ended June 30, 2021, we used $300 million to
repurchase shares of LP common stock under the share repurchase program
authorized by LP's Board of Directors in 2020 and $288 million to repurchase
shares of LP common stock under the repurchase program authorized by LP's Board
of Directors in May 2021. Additionally, we paid cash dividends of $33 million
and used $12 million to repurchase stock from employees in connection with
income tax withholding requirements associated with our employee stock-based
compensation plans. In March 2021, we issued $350 million in aggregate principal
amount of the 2029 Senior Notes, and in February 2021, LP delivered to holders
of the 2024 Senior Notes a conditional notice of redemption to redeem on March
27, 2021, all of the 2024 Senior Notes outstanding at a redemption price of
102.438% of the principal amount thereof plus

                                       30
--------------------------------------------------------------------------------

accrued and unpaid interest up to, but not including, the redemption date. The
redemption notice became irrevocable on March 11, 2021, and the 2024 Senior
Notes were fully redeemed on March 27, 2021. In connection with these
aforementioned financing activities, we paid $13 million in redemption premiums
and debt issuance costs.

Credit facility and letter of credit facility


In June 2021 and August 2021, we entered into the third and fourth amendments to
our revolving credit facility, dated as of June 27, 2019 (Credit Facility), with
American AgCredit, PCA, as administrative agent, and CoBank, ACB, as letter of
credit issuer (as amended, the Amended Credit Facility). The Amended Credit
Facility provides for a revolving credit facility in the principal amount of up
to $550 million, with a $60 million sub-limit for letters of credit. The Amended
Credit Facility, and all loans thereunder, become due on June 8, 2027. As of
June 30, 2022, we had no amounts outstanding under the Amended Credit Facility.

The Amended Credit Facility contains various restrictive covenants and customary
events of default, the occurrence of which could result in the acceleration of
our obligation to repay the indebtedness outstanding thereunder. The Amended
Credit Facility also contains financial covenants that require us and our
consolidated subsidiaries to have, as of the end of each quarter, a
capitalization ratio (i.e., funded debt less unrestricted cash to total
capitalization) of no more than 57.5%. As of June 30, 2022, we were in
compliance with all financial covenants under the Amended Credit Facility.

In March 2020, LP entered into the Letter of Credit Facility, which provides for
the funding of letters of credit up to an aggregate outstanding amount of $20
million, which may be secured by certain cash collateral of LP. The Letter of
Credit Facility includes an unused commitment fee, due quarterly, ranging from
0.50% to 1.875% of the daily available amount to be drawn on each letter of
credit issued under the Letter of Credit Facility. The Letter of Credit Facility
is subject to similar affirmative, negative, and financial covenants as those
set forth in the Amended Credit Facility, including the capitalization ratio
covenant. As of June 30, 2022, we were in compliance with all financial
covenants under the Letter of Credit Facility.

Other liquidity issues

Off-balance sheet arrangements


As of June 30, 2022, we had standby letters of credit of $13 million outstanding
related to collateral for environmental impact on owned properties, a deposit
for a forestry license, and insurance collateral, including workers'
compensation.

Potential deficiencies

We review our plant and investment assets for potential impairments at least annually and believe we have adequate support for the book value of our assets as of June 30, 2022.


If demand and pricing for our products are significantly below cycle average
demand and pricing, should we decide to invest capital in alternative projects,
should changes occur related to our wood supply for these locations, or should
demand and pricing of our products fall as a result of the long-term effects of
the COVID-19 pandemic, it is possible that future impairment charges will be
required. As of June 30, 2022, there were no indications of impairment.

We also review from time to time possible dispositions of various assets,
considering current and anticipated economic and industry conditions, our
strategic plan, and other relevant factors. Because a determination to dispose
of particular assets can require management to make assumptions regarding the
transaction structure of the disposition and to estimate the net sales proceeds,
which may be less than previous estimates of undiscounted future net cash flows,
we may be required to record impairment charges in connection with decisions to
dispose of assets.


                                       31

————————————————– ——————————

© Edgar Online, source Previews

]]>
Vertex Mid-Year Report Highlights Rising Volatility in Sales Tax Rates https://lost-worlds.com/vertex-mid-year-report-highlights-rising-volatility-in-sales-tax-rates/ Tue, 09 Aug 2022 09:21:36 +0000 https://lost-worlds.com/vertex-mid-year-report-highlights-rising-volatility-in-sales-tax-rates/

Tax professionals should note the following:

  • City and county sales tax rates are skyrocketing: Municipal tax rate increases (126) far outweigh decreases (20) by more than six to one, while counties enacted nearly twice as many sales tax increases as decreases ( 15).
  • The average sales tax in the United States hits an all-time high: After a brief COVID-induced lull from 2020 to 2021, the average U.S. sales tax rate (which combines state, county, city, and district average rates) resumed its upward trajectory this year. , reaching 10.17%.
  • The implementation of the new district sales taxes is starting to stabilize: After the first two years of the pandemic, when districts imposed new sales taxes at a record pace, the pace of new rates appears to be leveling off in 2022. In the first six months of this year, districts have not implemented only 54 new sales taxes. sales taxes compared to 127 new sales taxes enacted during the same period in 2021.

With rising interest rates, debt servicing costs will increase. Rising prices and wages mean that it costs more to run public sector organizations. Governments can either cut spending or increase revenue to meet these challenges. Unfortunately, most governments do not have the capacity to cut services further. However, sales tax revenues will decline if consumers reduce spending in response to rising prices or a recession.

Historically, over the past 60 years, it has been shown that during adverse economic cycles, sales tax provides a much more consistent method of funding compared to income tax. For this reason, several states are considering reducing, eliminating, or replacing income tax with a broad sales tax. If these legislative attempts succeed, sales taxes would become an even more important source of revenue for these states.

It is clear that the US economy is driven by consumer spending. Consumers spend the most on housing, health care, food and energy each year. Given the non-discretionary nature of these items, state and local governments will be challenged in the future as a matter of policy regarding how the sales tax base will be broadened.

Vertex is one of the world’s leading providers of indirect tax software and solutions. The company’s mission is to provide the most trusted tax technology that enables global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for key indirect tax lines, including consumer sales and use, value added, and payroll. Headquartered in North America with offices in South America and Europe, Vertex employs more than 1,300 professionals and serves businesses around the world.

]]>
Firms seek refund after HC reaffirms pre-authorization benefit https://lost-worlds.com/firms-seek-refund-after-hc-reaffirms-pre-authorization-benefit/ Mon, 08 Aug 2022 17:20:00 +0000 https://lost-worlds.com/firms-seek-refund-after-hc-reaffirms-pre-authorization-benefit/ Several companies that were under government scrutiny for taking advantage of duty-free benefits granted through a pre-clearance scheme are all set to approach the tax authorities for refunds following a court decision.

The Delhi High Court recently dismissed the government’s petition for review of an earlier order which said these benefits should not be reduced.

The government had filed a petition for review of an earlier order to extend the benefit of prior authorization licenses from July 1, 2017 to October 12, 2017, i.e. until the time the IGST exemption was terminated. officially notified by the government.

Prior authorization is a system by which a company can import raw materials without paying duties if it can demonstrate that these raw materials are to be used in a final product that will eventually be exported. The tax authorities had rejected several claims for companies. The recent order could benefit businesses, legal experts say.

“It will relieve a lot of those importers who might have taken advantage of this and got the claims,” ​​said Abhishek A Rastogi, a partner at Khaitan & Co, who represented some companies in the case. “There is also an option to seek a refund, as the court has now ruled in favor of importers claiming pre-clearance benefits.”

Companies obtain licenses to benefit from certain advantages of government programs such as prior authorization and promotion of exports of capital goods, among others. In most cases, the tax authorities ask exporters and companies to pay GST on the amount of the license paid to the government.

The government granted the benefits before the introduction of the GST in 2017. However, after the introduction of the GST, exporters no longer enjoyed full exemptions on imports. This meant that the exemption was not available against the IGST paid when the goods were imported.

Many companies had approached the Delhi High Court in this regard. The court also extended the benefits of the original duty exemptions on the import of licensed goods to IGST.

“The entire benefit of the previous scheme has been given so that Indian importers do not face the hassle of working capital and this aspect can be helpful for several other queries under this scheme,” Rastogi said.

]]>
CZ Sounds Market Warning As Volatility Tumbles Another Top Exchange ⋆ ZyCrypto https://lost-worlds.com/cz-sounds-market-warning-as-volatility-tumbles-another-top-exchange-%e2%8b%86-zycrypto/ Sun, 07 Aug 2022 13:15:02 +0000 https://lost-worlds.com/cz-sounds-market-warning-as-volatility-tumbles-another-top-exchange-%e2%8b%86-zycrypto/

Advertising

&nbsp&nbsp

Changpeng “CZ” Zhao, co-founder and CEO of Binance, has issued a warning to investors in the crypto space amid the persistent pattern of suspended withdrawals that several crypto entities have resorted to, as the high volatility that characterizes the current Crypto Winter is hitting harder than space can handle.

CZ advised investors against choosing exchanges that need funds to survive

CZ had taken to Twitter to comment on reports that Southeast Asian cryptocurrency exchange Zipmex had suspended withdrawals until further notice, citing “volatile market conditions”.

Citing the report, CZ said, “another bites the dust,” further advising his followers to ensure they are making the right choice when opting for a cryptocurrency exchange. He noted that investors should avoid exchanges that would require the help of venture capital funds to “survive”.

Singapore based exchange Zipmex announcement that it had made the difficult decision to suspend withdrawals on its platform, citing circumstances beyond its control, including financial difficulties on the part of its main trading partners.

Taking to Twitter, the Zipmex team said: “Due to a combination of circumstances beyond our control, including volatile market conditions and the resulting financial difficulties for our major trading partners, in order to maintain the integrity of our platform, we would suspend withdrawals until later. to remark.”

Advertising

&nbsp&nbsp

Amid Wave of Suspended Withdrawals, Community Slowly Loses Trust in Crypto Entities

Zipmex is the latest to resort to suspended withdrawals due to the chilling effects of Crypto Winter. Late last month, crypto lender and futures exchange platform Coinflex announced that they would suspend customer withdrawals due to “extreme market conditions”. […] and uncertainty involving consideration. Platform users have since blocked their funds on the platform.

Around the time Coinflex suspended withdrawals, another India-domiciled exchange, CoinDCX decided to halt deposits and withdrawals for several users due to compliance and risk requirements. This came just two weeks after crypto lending giant Celsius Network revealed on June 13 that it would halt trades, withdrawals and transfers between accounts on its platform, citing “extreme market conditions “.

Additionally, another Singapore-based crypto platform, Vauld, blocked customers from their funds by suspending withdrawals “with immediate effect,” days after it cut its workforce by 30%. Additionally, crypto exchange Voyager Digital took the same direction by suspending withdrawals on its platform on July 1 due to its exposure to 3AC.

The crypto community is slowly losing faith in centralized exchanges and lending entities in the space amid this disturbing wave. CZ’s advice appears to have come at a reasonable time, and with the Crypto Winter showing no signs of abating, the community is wondering which entity will be impacted next.

]]>
Areeba Haroon from Pakistan – From Dubai with love https://lost-worlds.com/areeba-haroon-from-pakistan-from-dubai-with-love/ Sun, 07 Aug 2022 05:03:31 +0000 https://lost-worlds.com/areeba-haroon-from-pakistan-from-dubai-with-love/

My niece Areeba loves Dubai.

The soul of my writing is my focus on the things that matter to me in one way or another, and my interviews are just an extension of that. The personal introductions to the interviews I do are mostly people whose lives evoke in me one or another emotion – always deep, always moving, never fleeting. My niece Areeba is one of my five favorite people, so writing about her was an emotional inevitability. I wanted his story to be happy.

Areeba became part of my life the day she was born, November 27, 1994. Her face deepened my smiles, her well-being was vital to my existence. It remains unchanged. Among my siblings and their children, my one love forever is Areeba. Her imperturbable smiles and constant presence have brightened up the most mundane aspects of my life. They still do. Areeba became my best friend when she was old enough to understand my silences, my unspoken pain. She is always listening, without judgement.

Over the past twenty-seven years, my mind recounts all of Areeba as if it were my own – her happiness, her pain, her dreams, her fears, her accomplishments, her disappointments, her loves, her sorrows Regardless of good and bad no – so fine, the unchanging light I see in my world is Areeba’s larger than life positivity, very generous heart, deep empathy, never say die attitude, commitment to family and friends , her dream of doing something worthwhile, her courage of introspection, her gratitude for blessings big and small.

Over the past few years, Areeba’s life has become a kaleidoscope of the expected colliding with the unseen. Her dreams about her future died down, making her restless, prompting a bit of paddling and one day, sitting down to take an unfiltered inventory of her life. To get everything back in shape. In the process of restructuring the pieces of her life, Areeba started visiting Dubai, and something changed inside her. There was something about Dubai that concerned her, and in 2022 she moved to Dubai. Every day, for two months, his giant smiles articulate the history of Dubai opening his arms to him.

Areeba’s love for Dubai is a redefinition of Dubai for me. Dubai, the magnificent montage of seven-star hotels, five-star restaurants, shopping malls, Kelly crocodile bags, luxury cars, gorgeous women who walk like they own the world and fabulously wealthy people who literally own some of the best parts of the world. Dubai, the land of the rich, for the rich. I have always loved Dubai, but never saw it as a place where I could settle down. The last two months of Areeba are a new glimpse of the place that I thought was just an expensive but fun vacation destination for a few days.

Worrying about work deadlines, living in a small room in a flat shared with four people, Pakistani and Indian, walking from place to place, taking the metro, enjoying cheap food, doing normal things to young people and find the job that is best for her, I have never seen Areeba happier, mashAllah. Dubai is where she wants to be, where she aims to build a solid career, where she is happy.

Now Areeba, whose early trips to the UAE involved things that evoked Dubai as that extravagant splendor – expensive restaurants, exclusive clubs, designer items, overpriced yachts, lavish homes, penthouses with infinity pools – says what everyone who lives in Dubai swears by this: once you get used to living in Dubai, you don’t want to live anywhere else.

“As a self-sufficient, single Pakistani woman, the best thing about living in Dubai is the feeling of freedom I have here.”

For Gulf News, I asked Areeba Haroon a few questions:

Why, in 2020, did you choose Dubai to do your higher education?

I chose Dubai, first, because of its proximity to Pakistan; it’s a little over three hours flight from home. The UAE has campuses of many American and British universities, and with their international faculties, these universities are simply great. My university, Hult International Business School, has campuses in Boston and London, but I think their Dubai campus is just amazing. I loved everything about Hult. In our program, there were students of about forty different nationalities, and most of these students could have studied elsewhere but they chose Dubai.

You liked Dubai as a vacation spot. What made you choose Dubai as the best place to start your career?

I have been traveling alone in Dubai for almost six seven years now. Whenever I had the chance, I flew to Dubai! My Chachu (paternal uncle) used to work in Dubai, his family lived here and I also visited them. I love the Middle East, it’s the region I’ve visited since I was a kid, Bahrain several times, then Dubai. I loved and still love Middle Eastern multiculturalism.

The United Arab Emirates is a Muslim country, and this is something that is of great importance to me. You go to malls and you hear the azaan, people fast and pray, and there are mosques everywhere. But the UAE is also a mix of so many other cultures and ethos – local, regional, global – and that’s why I thought Dubai was the best place for my career in business, marketing, public relations and event management.

As a young professional in Dubai, what are the advantages of working in the UAE?

The biggest advantage of working in the UAE is that almost all of the world’s largest multinational companies and brands have their offices here. Endless opportunities in all fields: blockchain, crypto, other IT fields, merchandising, hotel management, finance, tourism, HR, law, media, banking, medicine, public relations, real estate. The UAE offers opportunities for everyone who comes here to work. There is so much potential for professional growth and excellence that hard work, commitment and individual merit in a collective mechanism are duly appreciated and rewarded.

I had a few short term jobs in Dubai in 2021; this year i started working on june 1st on a three month project, which will continue later as a long term job, in a real estate company, but the project ended after a month and a half. It was an enriching experience. Immediately I applied to several companies and received interview calls from almost all of them. The response, based on my CV, was overwhelming and reiterated what I think of Dubai: if your merit-based goal is clear, there are plenty of opportunities. Glad to share, I’ll be joining a very established company next week, and it’s something I’m really looking forward to.

Do you think the UAE government is entirely focused on the short and long-term well-being of UAE nationals and the millions of expats who call Dubai their second home?

For me, the most important thing that the UAE government offers to its citizens, expats and tourists is security. The UAE government guarantees everyone’s safety, and I think that’s amazing. Everyone I talk to in Dubai loves this aspect of life here: it’s so safe. Second, it is tax free. No tax cuts on the salary you earn, and that’s wonderful in an inflation-ridden world.

Everything is so organised: infrastructure, law and order, health care, education, women’s rights, foreigners’ rights. The Government of the United Arab Emirates ensures that no harm or wrongdoing goes unnoticed. Even those who don’t earn much have rights in the UAE. The system works on merit, and I think that’s one of the most important facets of the governance of the rulers of the United Arab Emirates.

Areeba Bonding 2

“For me, the most important thing that the UAE government offers to its citizens, expats and tourists is security.”

What is the best thing about living in Dubai?

As a self-sufficient, single Pakistani woman, the best thing about living in Dubai is the feeling of freedom I have here. I feel safe in Dubai. I can walk down a road at 3 a.m. and know I’m safe. Whatever I wear, wherever I am, alone or in company, I feel safe.

Job opportunities are abundant. Everything works on a system, and that is of utmost importance for someone like me who is here from Lahore to work and build a career.

Dubai, like all major international cities, is very expensive, but once you get used to living here, you find affordable, great quality, and great bargains for your everyday life. Once familiar with the place, you realize that it is possible to live well there even with modest financial means.

Another amazing thing is the people you meet. Dubai’s multiculturalism is phenomenal; there are people of all nationalities, of all origins, of all ideologies. Dubai is the borderless universe that welcomes everyone and gives them every chance to feel welcome and make Dubai their second home.

]]>
Buyers seek price relief as dollar weakens https://lost-worlds.com/buyers-seek-price-relief-as-dollar-weakens/ Sun, 07 Aug 2022 01:25:50 +0000 https://lost-worlds.com/buyers-seek-price-relief-as-dollar-weakens/

KARACHI: As the rupee strengthened against the dollar, potential auto buyers are wondering about a downward revision in car and motorbike prices at local dealerships. However, players in the automotive sector do not anticipate an immediate price drop.

Speaking to Dawn, commodity traders also reiterated the same expectations from struggling consumers seeking price relief amid rising inflation.

Despite claims of improved location, prices of cars, jeeps and SUVs have risen by more than Rs 300,000 over the past month, depending on engine power, while prices of motorbikes have risen from 5,000 to 25,000 rupees during the same period.

“Customers are expecting vehicle price revisions and they’ve been asking about it since the rupee started appreciating against the greenback,” a Japanese car dealer told Dawn.

Auto sector, commodity traders say consumers anticipate rate cut

He said it appeared many buyers had delayed plans to buy cars in anticipation of a lower price revision by assemblers.

Another Japanese car dealer said people were looking for a price cut. “We don’t have answers for them.”

Speaking to Dawn, Pakistan Motorcycle Assemblers Association (APMA) Chairman Mohammad Sabir Sheikh said: “Consumers are now arguing with dealers over why bike prices are not coming down after the appreciation of the rupee.”

He said assemblers are in a tough spot as they imported raw materials after opening LCs at higher rates.

Mr. Sabir said one dollar is now selling at Rs226 in the interbank market after hitting around Rs240.

If a dollar came to Rs200, it would incentivize bike assemblers to lower their prices.

A Korean vehicle assembler said: “Let the rupiah calm down a bit. Many uncertainties loom on the economic and political fronts. Auto assemblers will revise prices once things calm down.

A Chinese vehicle assembler believed that the price increase by car assemblers was based on one dollar equaling 235 rupees.

“We need to see the exchange rate in the next two weeks to decide future vehicle price indicators,” he said.

Some Japanese auto assemblers did not respond to pricing questions amid a strengthening rupee.

Assembly lines in the automotive industry have come under severe pressure, however, after strict restrictions imposed by the State Bank of Pakistan (SBP) on clearing completely knocked down (CKD) kits. After repeated requests, the SBP began issuing limited quotas for assemblers to import CKD units.

However, the central bank’s decision forced the Indus Motor Company (IMC) to observe non-production days (NPD) from August 1 to 13 on a parts shortage issue.

Pak Suzuki Motor Company Limited also hinted that it would do the same in case the parts shortage intensifies. Some assemblers continue their operations because they still have old stocks of parts and accessories.

Karachi Wholesalers Grocers Association (KWGA) Chairman Anis Majeed says commercial banks have ruined the import trade by withdrawing import documents at Rs245-266 per dollar instead of Rs239-240 in a unregulated environment.

He said no regulatory authority came to the rescue of the importers as the banks were earning a colossal sum on foreign exchange transactions.

As a result, the difference between the interbank price and the bank’s negotiated price had crossed five to seven rupees to the dollar.

Majeed said the business community faced cost uncertainty, especially for goods that importers brought in on 90 to 120-day credit.

“Under the given circumstances, any price relief for people on imported produce seems a remote possibility,” the KWGA chairman said while analyzing the impact of Rs20 per kg on imported produce when a dollar hit Rs240 against Rs195-200 on the interbank market. .

He said a possibility of lower prices had arisen after the rupiah’s value soared, but commercial banks had taken their toll on importers by charging extra fees on withdrawal of import documents .

“Any price relief would depend on the future stability of exchange rates and world market rates. The business community has lost confidence in the current government which has failed to manage economic and trade issues,” he added.

Posted in Dawn, August 7, 2022

]]>
Funeral Director Found Guilty + Murder Suspect Shot Dead in East Toledo https://lost-worlds.com/funeral-director-found-guilty-murder-suspect-shot-dead-in-east-toledo/ Sat, 06 Aug 2022 06:46:50 +0000 https://lost-worlds.com/funeral-director-found-guilty-murder-suspect-shot-dead-in-east-toledo/

Welcome, Toledo. I’m here in your inbox as usual to keep you up to date with everything you need to know about what’s happening in town. Here is…


📣 Our readers love to celebrate good news! You can now shout your big announcement at the top of the Toledo Daily newsletter. Whether it’s a grand opening, new product for sale, birthday, anniversary, engagement, wedding or new baby, let everyone celebrate at your side! Submit your ad here.


Now, today’s weather:

Partly sunny and humid. High: 87 Low: 73.


Here are today’s top stories in Toledo:

  • A number of sculptures of dead trees can now be seen at perennial garden to Oak Metropark Openings. (WTVG)
  • 40 years Patience Chaney of Lorain was pronounced dead after a head-on collision at airport highway and Circle of Turtle Creek in Swanton Township. (WTOL)
  • One person was hit near the city center Toledo Area Regional Transportation Authority Hub on Huron Street North Friday evening, according to Toledo Police. (WTOL)
  • Wauseon man Devin Harris was charged with the murder and felony assault of Gemma Thompson in the Fulton County Court of Common Pleas Friday for a crime that occurred on August 2. (WTOL)
  • Local border collies keep Canada geese at bay in the Glass City Subway. (WTVG)

Please follow and stay informed. See you tomorrow for another update!

Brad King

About me: I’ve always been from northwest Ohio and graduated from the University of Toledo (Go Rockets!). I’m old enough to remember when the Mud Hens were still playing Maumee. The City of Glass has seen an amazing revitalization, and I’m excited to share every update with you!

Do you have a topical tip or a suggestion for an upcoming Toledo Daily? Contact me at toledo@patch.com

]]>
IRS Extends Pension Plan Amendment Deadlines | Bradley Arant Boult Cummings LLP https://lost-worlds.com/irs-extends-pension-plan-amendment-deadlines-bradley-arant-boult-cummings-llp/ Fri, 05 Aug 2022 22:55:37 +0000 https://lost-worlds.com/irs-extends-pension-plan-amendment-deadlines-bradley-arant-boult-cummings-llp/

Benefits Alert

Under Notice 2022-33, the Internal Revenue Service (IRS) has extended the deadline for enacting amendments to qualified retirement plans and individual retirement accounts (IRAs) to reflect certain changes made by the The Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan American Miners Act of 2019 (Miners Act), and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Non-government qualified pension plans, 403(b) plans and IRAs have until December 31, 2025, adopt amendments to the plan; previously, these amendments generally had to be enacted no later than December 31, 2022 (for calendar year plans). The amendments concerned are:

  • Amendment of the SECURE law for required minimum distributions and qualified birth or adoption distributions;
  • Amendment of the Juvenile Act for distributions at age 59½ from defined benefit plans and section 457(b) plans; and
  • Amendment to the CARES Act for relief from required minimum distributions in 2020.

Government Qualified Retirement Plans, Public Schools 403(b) Plans, and Government 457(b) Plans now have a 90-day deadline after the close of the third regular legislative session of the legislature with the power to amend the plan that begins after December 31, 2023; previously, these changes were required by the last day of the plan year beginning on or after January 1, 2024.

The deadline for enacting the optional CARES Act relief for distributions and expanded loans does not appear to have been extended and remains December 31, 2022 for calendar year plans.

The notice says the IRS expects additional guidance to appear in the 2023 list of required changes. This will allow plan sponsors to pass all necessary changes to these laws on a single date.

With respect to pre-approved plans, according to a footnote in the notice, the IRS provides that the cumulative list for the fourth round of corrective amendment for pre-approved defined contribution plans (pre-approved plans approved applications for which the notification letter request submission window falls between February 1, 2024 and January 31, 2025) will include provisions of the SECURE Act, Juveniles Act, and CARES Act. Accordingly, it is expected that pre-approved defined contribution plans submitted for this cycle will need to include provisions that mirror the provisions of the SECURE Act, the Minors Act and the CARES Act.

Plan sponsors can certainly wait to pass these amendments, which would also allow for other changes regarding subsequent SECURE Act guidance (including post-death distribution rules and rules governing the inclusion of long-term and part-time employees) as well as future legislation (such as SECURE 2.0) to deal with. However, for plan administration purposes, it might be useful to amend the plans before the end of the year and also provide participants with a summary of material amendments outlining the changes, but this may require further amendment before the extended deadline.

]]>
How the jobs rise compares to inflation data when it comes to bond volatility https://lost-worlds.com/how-the-jobs-rise-compares-to-inflation-data-when-it-comes-to-bond-volatility/ Fri, 05 Aug 2022 18:04:41 +0000 https://lost-worlds.com/how-the-jobs-rise-compares-to-inflation-data-when-it-comes-to-bond-volatility/

This morning’s jobs report showed payroll creation at 528,000 for July, down from a median forecast of 250,000 and a previous reading of 398,000. Perhaps just as damaging for the bond market, wages settled at 0.5 from 0.3 f’cast and was revised up by 0.1 last month. Strong arguments against recession (or for wage inflation) create problems for bonds. The reaction this morning was immediate and severe, as was the similar argument made by ISM services data 2 days ago. These two reports represent the biggest sales of recent weeks.

In terms of shorter-term Fed rate hike expectations, today’s jobs report was even more detrimental than the ISM. Traders now see the Fed hike a quarter point by the end of 2022.

20220805 open.png

The damage from good economic data is hitting bonds in a different way than the inflation reports that rocked the market in June and July. Inflation is doing more to lift short-term rate expectations, while strong economic data keeps rate expectations higher for longer. The chart below shows how that played out between July’s CPI inflation data and the more recent ISM Services report and today’s jobs report.

20220805 nl4.png

Notably, the strong data helped the green line close the gap with the orange line. In other words, in late July, traders saw the fed funds rate drop a quarter point in mid-2023 from December 2022. Now they see no difference at all.

If there is a saving grace, it is that the market has been less and less troubled by the data compared to the June CPI. That said, the June CPI report came out just days before the Fed’s announcement and markets were unsure of the Fed’s reaction. This time, their reaction function is better understood.

20220805 nl5.png

]]>