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Ford to record $600 million pension charge in fourth quarter

admin — Sun, 01 Feb 2026 19:21:09 +0000

A 2025 Ford Lightning electric vehicle (EV) at a Ford dealership in Antioch, California, US, on Thursday, Dec. 18, 2025.

David Paul Morris | Bloomberg | Getty Images

DETROIT — Ford Motor said it will report pretax charges of $600 million in its fourth-quarter results due to adjustments in its employee pension plans and other postretirement benefits.

The Detroit automaker said the special charges, which will affect its net income but not its adjusted results or cash, are split between domestic plans and those outside the U.S.

“The remeasurement loss for U.S. plans was largely driven by actuarial losses compared to plan assumptions,” Ford said in a public filing after markets closed Thursday. “The remeasurement loss for non-U.S. plans was largely driven by changes in key plan measurement assumptions, such as improved life expectancy.”

On an after-tax basis, Ford said the remeasurement loss is expected to decrease its net income by about $500 million based on the tax impact in the jurisdictions where there are remeasurement gains and losses.

Ford said its retirement plans remain fully funded and the charges would not change its expectations for pension contributions in 2026.

The new special charges are in addition to about $19.5 billion in special items the company disclosed last month related to a restructuring of its business priorities and a pullback in its all-electric vehicle investments, most of which Ford said would occur during the fourth quarter.

Automakers commonly exclude “special items” or one-time charges from their adjusted financial results to provide investors with a clearer picture of their core, ongoing business operations.

Ford is scheduled to report its fourth-quarter results after markets close on Feb. 10.

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New York’s Citi Field casino becomes fourth proposal to advance to the next stage

admin — Wed, 01 Oct 2025 23:32:29 +0000

Mets owner Steve Cohen and Hard Rock’s proposed casino at Citi Field in Queens have stepped forward to the final stage of the license process.

That brings the total number of New York casino proposals at this stage up to four, having all received approvals from their respective Community Advisory Committees. As well as the Citi Field location, the others at this stage are Genting Group’s Resorts World New York City, MGM Resorts’ MGM Empire City and Bally’s Bronx casino.

The Citi Field proposal gained the backing of a US Senator, with John Liu seeing potential in the $8 billion project that would see a casino being built next to Citi Field. The space involved is currently 50 acres of empty parking lots that would be transformed via the privately funded project into space dubbed Metropolitan Park.

The plan is to have 25 acres of new public park space, along with a Queens Food Hall, a Hard Rock Hotel, and a casino with bars, restaurants, and a sportsbook. It’s estimated that the proposal would generate around 23,000 local jobs, with a view to ingratiating itself with the local Queens community.

The path to a New York casino license

Other proposals that have been officially rejected include proposals regarding The Coney, Mohegan, Caesars, and Rush Street Gaming. While there are four proposals remaining, there are only three casino licenses available to be handed out, with a decision expected by December 1.

As it stands, Genting and MGM have been thought to be the most likely to be expected, with infrastructures already in place with existing racinos for both of them. That leaves one further place still up for grabs, of course, but the lengthy decision-making process on the future of New York’s casinos is finally drawing to a close.

Featured image: Wikimedia Commons, licensed under CC BY 2.0

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News Corp profits spike nearly 30% in fourth quarter, revenue rises 1%

admin — Wed, 06 Aug 2025 08:41:35 +0000

News Corp – parent company of The Post – reported Tuesday that quarterly profits soared 28% and revenue ticked up 1%, beating Wall Street’s expectations.

Net income from continuing operations for the fourth quarter was $86 million, compared to $67 million in the prior year period, the company said. Revenues rose to $2.11 billion, compared to $2.09 billion in the prior year period, and topped estimates of $2.1 billion, according to data compiled by LSEG.

The New York-based media giant’s earnings were boosted by higher circulation and subscription revenues at its Dow Jones division, which includes The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily.

News Corp’s earnings were boosted by higher circulation and subscription revenues at its Dow Jones division, which includes The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. REUTERS

For the 2025 fiscal year, which ended in July, profits skyrocketed 71%, to $648 million from $379 million the previous year. Revenues for the full year increased 2%, to $8.45 billion, compared to $8.25 billion in the prior year.

“These robust results have enhanced our financial position and thus our ability to return capital to shareholders,” News Corp CEO Robert Thomson said.

News Corp’s board of directors last month authorized a new $1 billion stock repurchase program, in addition to the approximately $300 million remaining from the previous $1 billion program authorized four years ago.

“We expect to begin executing repurchases at an accelerated rate shortly after the release of these results,” Thomson said. “This significantly larger total and significantly faster tempo emphasize our belief in the Company’s financial strength.”

The strong earnings report comes a day after The Post announced plans to expand to the West Coast with the launch of The California Post in early 2026.

Thomson made a pointed call for the industry to “cherish the value of intellectual property” amid the looming threat posed by artificial intelligence.

“Much is made of the competition with China, but America’s advantage is ingenuity and creativity, not bits and bytes, not watts but wit. To undermine that comparative advantage by stripping away IP rights is to vandalize our virtuosity.” he said.

“Even the President of the United States is not immune to this blatant theft. The President’s books are still reporting healthy sales, but are being consumed by AI engines which profit from his thoughts by cannibalizing his concepts, thus undermining future sales of his books. Suddenly, ‘The Art of the Deal’ has become ‘The Art of the Steal.’”

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