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Most Commercial Energy Audits Miss the Real Losses

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The Chancellor, Rachel Reeves, risks fuelling inflation and damaging small business growth if she reduces the VAT registration threshold in the Autumn Budget, according to leading audit, tax and business advisory firm Blick Rothenberg.

If you visit enough factories, you start to see the same patterns repeat.

When a site owner complains about high power costs. An audit is commissioned. Metering is installed. Spreadsheets are produced. The conclusion usually assumes the same few points: total kWh consumption, peak demand, and, finally, how much solar could offset the bill.

On paper, everything looks very thorough.  On the factory floor, nothing really changes.

The machines and motors still regularly trip. Production still pauses. Equipment still fails earlier than it should. Operators keep resetting systems and working around problems that never appear in the audit report.

That gap is where the real losses live.

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Energy audits are good at counting electricity, not behavior

Most commercial energy audits are built around a simple question: how much energy does this site use, and when?

That question is easy to answer. Utilities already provide the data. Data loggers or Smart meters refine it further. Half-hourly or five-minute intervals can be plotted and averaged. Solar simulations can be layered on top. Demand curves can be easily smoothed.

What audits rarely capture is how power behaves under stress.

They don’t show how the voltage changes when large motors start. They don’t record harmonics rising as loads stack on top of each other. They don’t explain why controls reset on certain afternoons or why drives fail well before their expected life.

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Those problems don’t sit comfortably in a kWh chart, so they tend to be ignored.

When the numbers look acceptable, but operations keep suffering

Recently, we were asked to look at a factory where the energy numbers appeared reasonable. Consumption was in line with production. Nothing in the utility bills suggested a crisis.

On-site, the picture was very different.

Power factor was sitting around 0.8. Harmonic distortion was elevated enough to matter, even if it didn’t trip protections outright. The combined effect translated into an estimated one to two percent energy loss before production even started. That loss never appears as a line item. It is baked into inefficiency.

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More damaging were the operational effects. Power interruptions were happening roughly once a week. Some were brief. Others lasted most of a day. Each interruption disrupted production sequences, caused spoilage, and forced shutdowns that took time and labor to unwind.

Over time, the site had also racked up significant replacement costs for electrical equipment. Drives, controls, and components were failing more often than their operating hours would suggest.

None of this was clearly shown in the audit.

From the audit’s perspective, energy consumption was roughly as expected. From the factory’s point of view, power was unpredictable and expensive in ways that weren’t being measured.

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Power quality losses are real, even when nothing trips

One of the biggest blind spots in most audits is power quality.

Harmonics, phase imbalance, poor power factor, and voltage instability don’t usually announce themselves dramatically. They don’t cause blackouts. They don’t always trigger alarms. Instead, they subject equipment to constant low-level stress.

Motors can run hot. Different types of drives can derate more often. Controls misbehave under certain load conditions. Components age unevenly.

Taken separately, these effects look minor. Collectively, they shorten equipment life and increase maintenance costs. They also create a background level of inefficiency that never gets attributed to power.

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Audits that focus only on energy quantity miss this entirely. They tell you how much electricity you used, not how much damage that electricity caused along the way.

Downtime is an energy cost, even if it isn’t billed

Another major omission is production downtime.

When power is interrupted, even briefly, factories lose far more than kilowatt-hours. They lose product. They lose labor. They lose process stability and predictability. They often lose entire batches.

Because downtime isn’t measured in energy units, it rarely appears in energy analysis. It sits in operations reports, maintenance logs, or simply in people’s heads.

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Over time, sites normalize it. One interruption a week becomes “just how the grid is.” A few hours lost here and there become part of planning assumptions. The cost is real, but it’s diffuse enough that no one owns it.

An audit that ignores downtime is ignoring one of the largest controllable losses on many industrial sites.

Why solar does not automatically solve these problems

Solar is often proposed as the fix once an audit is complete. And in fairness, grid-tied solar does one thing extremely well: it produces low-cost energy during the day.

What it doesn’t do on its own is improve how power behaves.

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A site can install a large solar system, reduce its daytime grid consumption, and still experience the same interruptions, instability, and equipment failures. From the audit’s perspective, the project is a success. From operations, frustration remains.

That’s because the underlying issue was never energy volume. It was power quality and control.

Measuring what actually matters changes the conversation

The moment proper measurement is introduced, the discussion shifts.

Instead of arguing about whether equipment is “too sensitive” or whether the grid is “getting worse,” teams can see exactly what is happening. They can correlate events. They can identify patterns. They can quantify losses that were previously dismissed as bad luck.

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This is where field-grade power quality measurement becomes invaluable. Not utility averages. Not billing data. Actual recordings of voltage, frequency, harmonics, and transient behavior at the point where equipment is connected.

Once those signals are visible, many fixes turn out to be surprisingly modest. Power factor correction. Harmonic mitigation. Better coordination of equipment starts. Adjustments to protection and control logic.

In many cases, the capital required is far lower than the cost of continuing to absorb hidden losses year after year.

The difference between audited systems and engineered systems

Well-engineered industrial systems tend to age quietly.

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They don’t demand constant attention. They don’t suffer from mysterious failures. Their equipment degrades evenly rather than catastrophically. Maintenance becomes routine rather than reactive.

You can see this clearly on sites where power quality has been treated as a design input rather than an afterthought.

One example is an industrial installation such as the Atlantic Grains facility, where system design focused not just on energy production but on maintaining clean, stable power under real operating conditions. That kind of approach doesn’t eliminate the grid’s imperfections, but it prevents them from cascading through the plant.

The result is not just lower energy cost. It’s calmer operations.

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Why audits stay shallow, and why that’s unlikely to change

To be fair, most audits are not designed to miss these issues. They’re constrained by scope, budget, and expectation.

Clients often ask for savings numbers, not operational insight. Consultants deliver what is requested. Measuring deeper requires time, equipment, and a willingness to deal with uncomfortable findings.

But as operations become more automated and margins tighter, the cost of ignoring these losses keeps rising. Factories today are less tolerant of power irregularities than they were a decade ago. Controls are faster. Processes are tighter. Small disturbances propagate further.

The gap between what audits measure and what factories experience is widening.

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Experience changes what you look for

Teams that spend years operating in facilities begin to approach energy very differently. They stop asking only how much power is used and start asking how it behaves when things aren’t ideal.

That perspective comes from seeing the same failures repeat across different sites and sectors. From watching equipment fail early for reasons that never appear in reports. From understanding that reliability is not a binary state but a spectrum.

Operators like Solaren Renewable Energy Solutions Corp., working across industrial and commercial sites, often encounter factories that believed their problems were mechanical or operational, only to discover that power quality was the silent trigger all along. Once that trigger is addressed, many long-standing issues simply stop occurring.

What a useful energy assessment should really answer

A meaningful assessment should go beyond energy accounting.

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It should answer questions like:

How stable is the supply under real operating conditions?
Where does power quality move outside acceptable tolerances, and when?
How much does each interruption actually cost the business?
Which losses are structural, and which are fixable?

Those answers don’t fit neatly into a single spreadsheet. They require measurement, context, and experience.

Without them, businesses risk spending heavily on solutions that improve the optics while leaving the underlying problems untouched.

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The uncomfortable truth

Most commercial energy audits don’t miss losses because they are careless. They miss them because those losses are harder to see, measure, and attribute.

Unfortunately, those are often the losses that matter the most.

Factories don’t usually struggle or fail because they lack energy. It’s because the power they receive isn’t consistent enough to keep modern operations stable.

Until audits start treating power quality, downtime, and equipment stress as first-class costs, businesses will keep solving the wrong problem.

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Counting kilowatt-hours is easy.
Understanding what power is really doing takes more work.

That difference is where the real savings are found.

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Gold steady as markets await Powell’s comments on Iran war impact

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Gold steady as markets await Powell's comments on Iran war impact
Gold was largely steady on Wednesday as investors awaited U.S. Federal Reserve Chair Jerome Powell’s comments to assess the Iran war’s impact on the economy amid stalled peace talks.

FUNDAMENTALS

* Spot gold was up 0.1% at $4,598.45 per ounce, as of 0055 GMT, after falling to its lowest level since April 2 in ‌the previous ⁠session.

* U.S. ⁠gold futures for June delivery rose 0.1% to $4,612.10.

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* Efforts to end the Iran conflict were at an impasse with U.S. President Donald Trump unhappy with the latest proposal from Tehran, which he said had informed the U.S. it was in a “state of collapse” and figuring out its leadership situation.

* Investors expect the Fed to hold interest rates steady ⁠at the ‌end of its two-day meeting ending later in the day.
* Investors will also be focusing on other central bank decisions ⁠this week, including those from the European Central Bank, the Bank of England and the Bank of Canada.
* China, the world’s top gold consumer, net imported 47.866 metric tons in March from Hong Kong, up from 46.249 tons in February, Hong Kong Census and Statistics Department data showed on Tuesday.
* Energy prices are expected to surge by 24% in 2026 to their ‌highest since Russia’s full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the war in the Middle East end in ⁠May, the World Bank said on Tuesday.

* Oil prices closed up nearly 3% on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz outweighed concerns about the United Arab Emirates’ decision to leave OPEC and the wider OPEC+ group. [O/R]

* Spot silver rose 0.1% to $73.12 per ounce, platinum gained 0.1% to $1,942.60, while palladium was down 0.1% at $1,459.14.

DATA/EVENTS (GMT)

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0900 EU Consumer Confid. Final Apr

1200 Germany CPI Prelim YY Apr

1200 Germany HCIP Prelim YY Apr

1230 US Durable Goods Mar

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1230 US Housing Starts Number Mar

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Arthur Deibler: Building Community Through Business

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Arthur Deibler: Building Community Through Business

A Local Entrepreneur With a Competitive Edge

Arthur Deibler didn’t start in business. He started on the field.

Growing up, he was known as a standout high school football player. Sports shaped his mindset early. Discipline, consistency, and teamwork became second nature.

“Football taught me how to show up every day and do the work,” Deibler says. “You don’t win games by accident, and you don’t build businesses that way either.”

That same mindset would later define his path as an entrepreneur in Valley View, Pennsylvania.

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From College Graduate to Business Owner

After graduating from Lebanon Valley College in 2013, Deibler stepped into the real world with a clear goal: to build something of his own.

He didn’t rush into one idea. Instead, he focused on opportunities within his local community. Over time, that led to the creation and ownership of multiple businesses.

Today, he serves as Founder and CEO of several ventures, including Prima Pizzeria, Lucky Horse Tavern, and Bullpen Fitness & Recreation.

Each business serves a different purpose. But they all share one theme—community.

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“I never wanted to build something that felt disconnected,” he explains. “If it doesn’t bring people together, it’s not something I’m interested in.”

Why Community Is at the Center of His Strategy

Deibler’s approach to business is simple. Focus on people first.

At Prima Pizzeria and Lucky Horse Tavern, that means creating spaces where locals feel comfortable gathering. At Bullpen Fitness & Recreation, it goes even deeper.

The facility is designed to be more than a gym. It’s a place where people can improve their health, connect with others, and build routines that last.

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According to a feature in The Citizen Standard, Bullpen offers more than just workouts. It creates an environment where people feel part of something bigger.

“That’s what keeps people coming back,” Deibler says. “It’s not just the equipment. It’s the atmosphere.”

Building Bullpen Fitness With a Bigger Vision

Bullpen Fitness & Recreation stands out as one of Deibler’s most intentional projects.

Instead of focusing only on fitness trends, he focused on accessibility and experience. The goal was to make the space welcoming for all levels.

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“I wanted a place where someone could walk in on day one and not feel out of place,” he says.

That mindset reflects his broader business philosophy. Growth doesn’t come from exclusivity. It comes from inclusion.

The result is a facility that serves a wide range of people—from beginners to experienced athletes.

Lessons From Managing Multiple Businesses

Running one business is hard. Running several requires a different level of focus.

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Deibler credits his success to staying consistent and keeping things simple.

“You can’t overcomplicate it,” he says. “You show up, take care of your team, and take care of your customers.”

He also emphasizes the importance of being present.

“I like being involved,” he adds. “Not just behind the scenes, but actually seeing what’s working and what’s not.”

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This hands-on approach helps him stay connected to each business and the people they serve.

Life Outside of Work

Despite a busy schedule, Deibler makes time for his personal interests.

He enjoys fishing, running, and mini golf. He also has a passion for old sports cars and follows Penn State football closely.

“These things keep me balanced,” he says. “You need something outside of work that clears your head.”

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That balance plays a role in how he approaches business decisions. It keeps his thinking grounded and practical.

Giving Back to the Local Community

Deibler’s connection to his community goes beyond business.

He volunteers at Hebron United Methodist Church in Millersburg, Pennsylvania. It’s one of the ways he stays involved and gives back.

“Being part of a community means showing up in different ways,” he says. “Not just as a business owner, but as a person.”

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This commitment reinforces the same values seen across his ventures.

What Sets Arthur Deibler Apart as a Business Leader

Arthur Deibler

doesn’t position himself as a traditional business leader. His focus is less on scale and more on impact.

He builds businesses that serve real needs in his area. He stays involved. And he keeps his approach straightforward.

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“I’m not trying to reinvent anything,” he says. “I just try to do things the right way, consistently.”

That mindset has helped him grow a portfolio of businesses while maintaining a strong local presence.

The Takeaway: Consistency Over Complexity

Arthur Deibler’s story is not about rapid expansion or flashy ideas. It’s about steady growth and clear priorities.

Start with discipline. Stay consistent. Focus on people.

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These are simple ideas. But they are often overlooked.

“Success isn’t complicated,” Deibler says. “It just takes time and effort.”

In a world that often chases the next big thing, his approach stands out for a different reason—it works.

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New DNA Analysis Offers Hope in Nancy Guthrie Kidnapping as Search Hits Day 88

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Wordle puzzle

TUCSON, Ariz. — Nearly three months after 84-year-old Nancy Guthrie vanished from her Catalina Foothills home, investigators continue pursuing advanced DNA testing on hair and blood evidence recovered from the scene, though authorities stress no major breakthroughs have been publicly confirmed as the search for the mother of “Today” show co-anchor Savannah Guthrie enters its 88th day.

Nancy Guthrie & Savannah Guthrie
Nancy Guthrie & Savannah Guthrie

Pima County Sheriff Chris Nanos and the FBI have described the investigation as active, with forensic work ongoing at multiple labs including the FBI’s facility in Quantico. Sources familiar with the case told multiple outlets in mid-April that hair samples collected from inside Guthrie’s home were forwarded for advanced genetic genealogy and next-generation sequencing, techniques that have solved long-cold cases by building family trees from distant relatives.

The FBI has received DNA data including test results from a hair sample, but officials have pushed back on some media reports suggesting dramatic new evidence. A sheriff’s department statement on April 16 clarified that no fresh DNA had suddenly emerged and that analysis of materials collected in February continues through established lab partnerships.

Blood droplets found on the front porch were confirmed to match Guthrie’s DNA early in the investigation. Forensic experts, including blood spatter analysts consulted by media outlets, have suggested the pattern could indicate she coughed up blood during a violent struggle with her masked abductor, who was captured on doorbell camera footage approaching the door armed.

A glove discovered miles away and other items have also undergone testing, though results have not yielded a direct suspect match in CODIS. Genetic genealogist CeCe Moore has noted that rootless hairs can still provide mitochondrial DNA useful for lineage tracing, and saliva from the flashlight reportedly held in the suspect’s mouth remains a potential rich source if located.

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The abduction occurred around 9:45 p.m. on Jan. 31 after family members dropped Guthrie off following dinner. She was reported missing the next morning when she failed to appear at church. Surveillance video showed a masked, armed intruder at her door, prompting a swift shift from missing person to criminal investigation.

No arrests have been made in the abduction itself. Family members, including Savannah Guthrie and her siblings, were cleared through DNA exclusion early on. The family has offered a $1 million reward for information leading to her safe return, with additional incentives for arrests and convictions.

A separate opportunist, Derrick Callella of California, faces trial after being charged with sending a fake ransom text to Savannah Guthrie. His case highlights how the high-profile disappearance has attracted scammers seeking to exploit the family’s anguish. No legitimate ransom demand from the actual perpetrator has been confirmed.

Search efforts have been exhaustive, involving drones, cadaver dogs, aerial teams and multi-agency coordination across Arizona’s challenging desert terrain. Private investigators and retired FBI agents have publicly assessed that survival odds for an 84-year-old after nearly 90 days are extremely low without proof-of-life communication.

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Savannah Guthrie returned to the “Today” show in early April while maintaining a low public profile on the case. In emotional appeals, the family has pleaded for anyone with information to come forward. “We need to know without a doubt that she’s alive,” Savannah said in one video message.

The case has drawn national attention, shining a spotlight on vulnerabilities faced by elderly residents in suburban areas and the importance of home security systems. Doorbell cameras provided crucial early evidence, though the suspect’s mask and gloves have complicated identification.

Experts continue urging the public to report even seemingly minor tips. The FBI and Pima County Sheriff’s Office maintain dedicated hotlines and online tip forms. Retired agents note that in stranger abductions, breakthroughs often come from persistent forensic work or someone close to the perpetrator deciding to speak.

As April draws to a close, the investigation remains focused on forensic science, digital records and neighborhood canvassing. Additional surveillance images from nearby properties have been recovered and are under review. While optimism for a live recovery has faded, authorities emphasize the commitment to finding Nancy Guthrie and bringing those responsible to justice.

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The high-profile nature of the case has also prompted discussions about elder safety and rapid response protocols. Advocacy groups note that missing elderly cases sometimes receive less immediate attention than those involving younger victims, though Guthrie’s family connections have kept national focus sharp.

For now, the family, investigators and the public continue hoping that advanced DNA techniques or a crucial tip will finally provide answers in a mystery that has gripped Tucson and the nation for nearly three months. Anyone with information is urged to contact the FBI at 1-800-CALL-FBI or submit tips online.

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Face serum advert banned over 'five years younger' claim

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Face serum advert banned over 'five years younger' claim

Eucerin asked 160 people to use the serum for four weeks then say how much younger they thought they looked.

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Building Success One Job at a Time

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The UK government is seeking an exemption from Donald Trump’s proposed 25% tariffs on steel exports, arguing Britain’s small export share and defence links justify special treatment. Industry fears price rises and market disruption.

Success doesn’t always start with a big break. For Joel Ney, it started with showing up, learning fast, and doing the work.

Joel grew up in Pine Grove, Pennsylvania. As a kid, he stayed active with sports and spent a lot of time with family and friends. Those early years shaped how he approaches life today—focused, steady, and grounded.

“Success to me is having the people around me trust that I can get the job done and being able to provide for my family,” Joel says.

That mindset would later define his career.

From School to Skilled Trades

Joel followed a practical path after high school. He graduated from Pine Grove High School and continued his education at Thaddeus Stevens College of Technology and Mansfield University.

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He didn’t chase shortcuts. Instead, he focused on building real skills.

That decision led him into construction, where he started working with PKF III Construction. Like many in the trades, he began at the bottom.

“One of the biggest obstacles I have faced is starting as the new guy and having to work my way up with little experience,” he says.

It wasn’t easy. But it was clear what needed to be done.

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“I overcame this by working hard and learning from anyone I possibly could.”

Learning the Craft and Growing in Welding

Joel didn’t stay in one lane. He expanded his skills and moved into welding, working with Great Coasters International.

This shift shows a pattern in his career. He looks for ways to grow, then puts in the effort to make it happen.

“A hard-working attitude and the willingness to learn and grow within your career,” he says, are key to long-term success.

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In industries like construction and welding, progress often comes from doing. Joel embraced that. Each job became a chance to improve.

He focused on mastering the basics. Then he built on them. Over time, that approach helped him take on more responsibility and earn trust.

What Drives His Work Today

Joel’s motivation is simple and personal.

“My family and the people around me that I work with, and strive to help them succeed as well.”

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This focus shows up in how he works. He doesn’t just aim to complete tasks. He wants to be someone others can rely on.

That mindset has helped him contribute meaningfully to teams and projects. It also reflects a bigger idea—success is not just about individual results. It’s about helping others move forward, too.

Staying Focused and Moving Forward

Every career has moments of doubt. Joel has learned how to manage them.

“One thing at a time and stay away from feelings of uncertainty and self-doubt.”

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That approach keeps him steady. Instead of getting overwhelmed, he breaks things down and focuses on the next step.

He also believes in setting clear goals.

“Setting goals and pushing myself to achieve them.”

This combination—focus and goal setting—has helped him move forward in his career without losing direction.

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A Different View on Feedback

Joel has a practical view of feedback and outside opinions.

“As long as I believe myself and my work to be successful, peer feedback is not very valuable to me.”

This doesn’t mean ignoring others. It means trusting his own standards first.

In hands-on industries like construction and welding, results speak clearly. Joel focuses on the quality of his work and the trust he builds with others.

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Life Outside of Work

Outside of his career, Joel Ney stays active and connected to his interests.

He enjoys traveling, hunting, fishing, and riding ATVs. He also continues to work on construction and contracting projects, even outside of his main job.

His connection to the community is just as strong. He volunteers at his church and helps with local youth sports teams. He also supports SPCA organizations and local charities.

These activities reflect the same values he brings to work—consistency, effort, and a focus on helping others.

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Building a Career That Lasts

Joel Ney’s story is not about overnight success. It’s about steady progress.

He started with limited experience. He learned from others. He built skills over time. And he stayed focused on what matters—trust, family, and doing the job right.

His career shows how small, consistent actions can lead to real results. By taking things one step at a time, he has turned effort into opportunity.

And in his own words, it comes back to a simple idea:

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“Having the people around me trust that I can get the job done.”

That trust is what he continues to build—one project at a time.

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Pacifica announces acquisition of the Repaircare business

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The County Durham firm has increased its share of the domestic appliance repair market with the deal

Pacifica Group repairs more than 350,000 home appliances every year

Pacifica Group repairs more than 350,000 home appliances every year(Image: Ryan Edy)

Domestic appliance repair firm Pacifica has announced the acquisition of the Repaircare business from Screwfix Spares, expanding its national service capability.

The acquisition sees County Durham-based Pacifica take on all Repaircare client contracts and operational activities. These include a number of partnerships with major retailers and manufacturers, collectively accounting for around 80,000 appliance repair jobs per year.

Repaircare was originally part of the Connect Group, which was acquired out of administration by Screwfix in 2023. As part of the deal, more than 35 back-office and operational staff will transfer to Pacifica under TUPE arrangements, while around 120 subcontracted engineers currently supporting Repaircare’s nationwide operations will transition to Pacifica’s network of repair professionals.

The Repaircare brand will be fully-integrated into the group’s Pacifica Appliance Services division. Pacifica said the deal aligns with its sustainability strategy, which focuses on extending appliance lifecycles through repair services and reducing unnecessary waste.

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The acquisition strengthens Pacifica’s national infrastructure, which delivers more than 360,000 appliance repairs annually through a network of around 350 directly employed colleagues and partnerships with more than 200 engineering companies across the UK.

Rob Johnson, managing director of Pacifica Appliance Services, said: “This acquisition represents a significant step forward in the continued growth of Pacifica Appliance Services. Repaircare has built strong relationships with leading retailers and manufacturers, and we are delighted to welcome both its customers and operational teams into the Pacifica family.

“Our priority is to ensure a seamless transition for all partners and their customers. With our nationwide network of skilled engineers, advanced technology platforms and proven operational expertise, customers can be confident that they are in safe hands.”

Dan Monaghan, CEO of Screwfix Spares, said: “We are pleased to complete this transaction that sees RepairCare joining Pacifica. This move allows Screwfix Spares to remain focused on its core business, supplying spare parts and accessories that keep products in use for longer. Colleagues who are transferring will join a specialist repair business with a strong national footprint and deep expertise in this area. We wish everyone every success in this new chapter.”

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Alexandria Real Estate Equities, Inc. (ARE) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Alexandria Real Estate Equities, Inc. (ARE) Q1 2026 Earnings Call April 28, 2026 2:00 PM EDT

Company Participants

Joel Marcus – Founder & Executive Chairman
Marc Binda – CFO & Treasurer
Jenna Foger – Senior Principal of Science and Technology
Peter M. Moglia – CEO & Chief Investment Officer

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Conference Call Participants

Paula Schwartz – Rx Communications Group LLC
Farrell Granath – BofA Securities, Research Division
Nicholas Joseph – Citigroup Inc., Research Division
Ronald Kamdem – Morgan Stanley, Research Division
Anthony Paolone – JPMorgan Chase & Co, Research Division
James Kammert – Evercore ISI Institutional Equities, Research Division
Vikram Malhotra – Mizuho Securities USA LLC, Research Division
Richard Anderson – Cantor Fitzgerald & Co., Research Division
Wesley Golladay – Robert W. Baird & Co. Incorporated, Research Division
John Kim – BMO Capital Markets Equity Research
Michael Carroll – RBC Capital Markets, Research Division
Dylan Burzinski – Green Street Advisors, LLC, Research Division
James Feldman – Wells Fargo Securities, LLC, Research Division

Presentation

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Operator

Good day, and welcome to the Alexandria Real Estate Equities’ First Quarter 2026 Conference Call. [Operator Instructions] Please note, today’s event is being recorded. I’d now like to turn the conference over to Paula Schwartz with Investor Relations. Please go ahead.

Paula Schwartz
Rx Communications Group LLC

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Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company’s actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company’s periodic reports filed with the Securities and Exchange Commission. And now I’d like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

Joel Marcus
Founder & Executive Chairman

Thank you, Paula, and welcome, everybody, to our first quarter earnings call. With me today are

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US mandates what it calls ’enhanced’ security checks for immigration applicants

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US mandates what it calls ’enhanced’ security checks for immigration applicants


US mandates what it calls ’enhanced’ security checks for immigration applicants

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Oil prices fall from 3-wk high; UAE leaves OPEC, Hormuz disruptions persist

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Oil prices fall from 3-wk high; UAE leaves OPEC, Hormuz disruptions persist

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Coca-Cola Stock Climbs 6% to $80 on Q1 Earnings Beat and Raised 2026 Outlook

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Diet Coke

NEW YORK — Coca-Cola Co. shares jumped more than 6% to $80.21 in morning trading on Tuesday, April 28, 2026, after the beverage giant reported first-quarter results that topped Wall Street expectations and raised its full-year earnings guidance, driven by resilient global demand for its higher-priced drinks and strong execution in emerging markets.

The Atlanta-based company posted adjusted earnings per share of 86 cents, beating analysts’ consensus estimate of 81 cents. Revenue reached $12.47 billion, surpassing forecasts of approximately $12.24 billion. Organic revenue growth hit 10%, marking the company’s strongest performance in five quarters and reflecting successful pricing strategies alongside solid volume gains.

Coca-Cola raised its full-year comparable earnings per share growth outlook to 8-9% from a previous 7-8%, while maintaining its organic revenue growth target of 4-5%. The upbeat update signaled confidence in sustained consumer demand despite economic pressures in some regions.

CEO James Quincey highlighted broad-based strength across categories and geographies. Sparkling beverages, particularly zero-sugar and premium offerings, continued to perform well as consumers traded up within the portfolio. The company also benefited from disciplined cost management and operational efficiencies that expanded operating margins.

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The strong results triggered enthusiastic buying, with shares easily outpacing the broader market. Volume surged in early trading as both institutional investors and retail traders reacted to the beat. The move pushed Coca-Cola toward its 52-week high and underscored its status as a defensive powerhouse in an uncertain economic environment.

Coca-Cola’s performance stands out amid mixed consumer spending trends. While some packaged goods companies have faced pushback against price increases, the world’s largest beverage maker has successfully balanced pricing power with innovation and marketing. Its diversified portfolio — spanning sparkling soft drinks, water, sports drinks, coffee and juices — has helped insulate it from category-specific slowdowns.

Analysts praised the results. Several firms raised price targets following the report, citing improved visibility into the year and the company’s ability to navigate inflationary pressures. The raised guidance was viewed as particularly encouraging, removing a layer of uncertainty heading into the critical summer selling season.

For investors, Coca-Cola remains a core holding in many portfolios thanks to its reliable dividend, global scale and brand strength. The stock’s 3%+ yield combined with steady earnings growth has made it a favorite for income-focused and defensive strategies. Tuesday’s surge adds to solid year-to-date gains and reinforces the company’s resilience.

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The results come as Coca-Cola continues investing in digital transformation, sustainability initiatives and emerging market expansion. Management noted particular strength in developing regions where rising middle classes are driving demand for premium beverages. North America and Europe also contributed positively despite varying economic conditions.

Broader industry trends support Coca-Cola’s momentum. The shift toward premiumization — consumers choosing higher-end or better-for-you options — plays directly into the company’s strategy. Innovations like new flavors, limited editions and functional beverages have helped maintain excitement around core brands.

Challenges remain. Input cost pressures, foreign exchange volatility and changing consumer preferences require ongoing vigilance. The company has faced scrutiny over sugar content and environmental impact, prompting accelerated efforts in recyclable packaging and reduced-plastic initiatives.

Wall Street consensus remains bullish. Most analysts rate the stock as a Buy or Outperform with average price targets well above current levels. The combination of earnings visibility, dividend growth and long-term demographic tailwinds continues attracting long-term capital.

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As trading progressed Tuesday morning, shares consolidated near session highs with healthy volume. Technical analysts noted the breakout above recent resistance, with potential near-term targets in the low-to-mid $80s if momentum holds. Options activity showed increased call buying, reflecting optimism.

Coca-Cola’s ability to deliver consistent results in a complex global environment highlights the strength of its business model. With a market capitalization exceeding $300 billion, the company remains one of the most valuable consumer staples franchises worldwide. Tuesday’s reaction demonstrates the market’s appreciation for reliable execution and forward-looking confidence.

Looking ahead, investors will watch second-quarter performance closely, particularly summer volume trends in key markets. Any further guidance updates or strategic announcements could provide additional catalysts. For now, the Q1 beat and raised outlook have set a positive tone for the remainder of 2026.

The day’s move reinforces Coca-Cola’s reputation as a blue-chip name capable of delivering growth and stability. As global economies navigate uncertainty, the company’s focus on essential consumer products and pricing discipline positions it favorably for continued success.

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