Operator

Hello, and welcome to the Annual Meeting of Shareholders of United Fire Group, Inc. Please note that today’s meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today’s meeting over to Jim Noyce, Chairperson of the Board of Directors of United Fire Group, Inc. Mr. Noyce, the floor is yours.

James William Noyce

The meeting will please come to order. Good morning, and welcome to the Annual Meeting of Shareholders of United Fire Group, Inc., and thank you all for attending. I am Jim Noyce, Chairperson of the Board of Directors. And in accordance with our bylaws, I will be presiding at this meeting.

Today’s meeting is being broadcast by live audio webcast. We believe this virtual meeting option will maximize participation of shareholders regardless of their location. Thank you very much to those who are participating virtually today. We will conduct our meeting in 2 parts. First, we will address our formal business — our formal items of business, followed by a question-and-answer session. You may submit questions through the virtual meeting website. An agenda that outlines the order of business for the meeting has been made available.

The matters on which the shareholders at the meeting are voting include: election of the 5 Class A directors identified in the proxy statement; ratification of the Audit Committee’s appointment of Ernst & Young LLP as our independent registered public accounting firm for 2026, approval on an advisory basis of the compensation of the company’s named executive officers; and approval of the amendment and extension of the 2021 Nonemployee Director Stock Plan.

Sarah Madsen, Senior Vice

Airbnb is pushing far beyond home rentals, rolling out airport pickups, grocery delivery, luggage storage, car rentals, boutique hotels and exclusive travel experiences as it expands deeper into travel services.

The company announced Wednesday that travelers can now book grocery delivery through Instacart in more than 25 U.S. cities, airport rides through Welcome Pickups in over 160 cities worldwide and luggage storage through Bounce at more than 15,000 locations globally. 

Airbnb also plans to launch in-app car rentals later this summer.

“We want to bring a little bit of magic to every trip you’re on,” Airbnb Chief Business Officer Dave Stephenson told FOX Business.

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Travelers arrive at an airport pickup area. Airbnb is rolling out new ride services through Welcome Pickups in more than 160 cities worldwide. (iStock / iStock)

At the same time, Airbnb is adding boutique and independent hotels in major cities including New York, Paris, London, Rome and Singapore, alongside new AI-powered features like review summaries, listing comparisons and smarter customer support tools.

The expansion builds on Airbnb’s broader push into travel services and experiences beyond traditional home stays.

“[When COVID-19] hit, we had to retrench and focus on the core, and then we did that for a number of years and really worked on and perfected the kind of core business,” Stephenson said. “But then a couple of years ago, part of me coming into this new role was to get us ready to expand into services [and] experiences, which we did May of last year.”

Airbnb now offers more than 3,000 curated experiences worldwide, including tours tied to landmarks such as the Tower of London, Tokyo Skytree and the Taj Mahal.

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Airbnb Chief Business Officer Dave Stephenson of Airbnb is pictured on May 28, 2024, in Seoul, South Korea.  (Han Myung-Gu/WireImage / Getty Images)

The company is also leaning into FIFA World Cup 2026 travel with exclusive fan events and athlete-led experiences.

Stephenson said Airbnb expects World Cup demand to outpace the surge it saw during the Paris Olympics, when more than 700,000 guests stayed in Airbnb properties.

“The average homeowner is going to earn about $3,000 from sharing their place,” he said.

Airbnb is also adding new social and group-planning tools. A revamped Trips tab will show reservations alongside nearby restaurants, attractions and experiences, letting users save spots and build shared itineraries.

Later this summer, Airbnb will launch a new travel map and “connections” feature, allowing users to see where friends have stayed, browse their reviews and bookings, and message them directly for travel tips.

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The Airbnb logo is displayed on a smartphone in front of home listings. (Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)

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“These group itineraries — I think it’s going to be a really cool new feature that people will find really valuable, because when you travel in Airbnb, you tend to travel with family and friends,” Stephenson said.

The new services and hotel offerings are available now in select markets, while car rentals and additional app features are expected to roll out later this summer.

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NEW YORK — Meta Platforms Inc. (NASDAQ: META) shares gained modestly in midday trading Wednesday, climbing about 0.58% to $606.08 as the company proceeded with a major workforce restructuring involving roughly 8,000 job cuts tied to its push into artificial intelligence.

The stock traded at $606.08, up $3.47, as of approximately 11:44 a.m. EDT on May 20, 2026, with trading volume in line with recent averages. The move came as Meta began notifying employees of layoffs starting in Asia and rolling out in other regions, part of a broader efficiency drive.

Meta reported strong first-quarter results on April 29. Revenue reached $56.31 billion, up 33% from $42.31 billion a year earlier. Net income rose 61% to $26.77 billion, or $10.44 per diluted share, from $16.64 billion, or $6.43 per share. The earnings included an $8.03 billion one-time income tax benefit.

Excluding the tax benefit, adjusted earnings per share stood at approximately $7.31. Operating income increased 30% to $22.87 billion, maintaining a 41% operating margin. Ad impressions grew 19% year-over-year, while average price per ad rose 12%.

Family daily active people averaged 3.56 billion in March 2026, up 4% year-over-year. Headcount stood at 77,986 as of March 31, up 1% from the prior year.

Mark Zuckerberg, Meta founder and CEO, said in the earnings release: “We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs. We’re on track to deliver personal superintelligence to billions of people.”

The company raised its full-year 2026 capital expenditures forecast to $125 billion to $145 billion from a prior range of $115 billion to $135 billion, citing higher component pricing and additional data center costs for AI infrastructure. It guided second-quarter revenue between $58 billion and $61 billion.

Meta announced plans in April for the layoffs, targeting about 10% of its global workforce, or roughly 8,000 positions. Notifications began Wednesday, starting with employees in Singapore at around 4 a.m. local time, followed by other regions. The company also scrapped plans to fill about 6,000 open roles.

In an internal memo shared with employees on May 18, Meta Chief People Officer Janelle Gale detailed additional changes, including reassigning about 7,000 staff to new AI-focused initiatives and eliminating layers of management to create flatter organizational structures. The restructuring affects around 20% of staff when including transfers.

The layoffs and reassignments aim to improve efficiency and redirect resources toward AI development as the company invests heavily in infrastructure. Meta has projected continued strong operating income growth for 2026 despite elevated spending.

Cash, cash equivalents and marketable securities totaled $81.18 billion at the end of the first quarter. Free cash flow for the period was $12.39 billion. The company paid $1.35 billion in dividends and dividend equivalents.

Meta maintains a quarterly dividend of $0.525 per share, equating to an annual yield of about 0.35% at recent prices. It has returned capital through dividends and share repurchases in prior periods.

The stock has traded in a 52-week range of $520.26 to $796.25. Market capitalization stands near $1.53 trillion. Analysts have offered varied price targets, with some forecasting potential upside toward $1,000 by year-end based on AI-driven growth.

Meta faces ongoing legal and regulatory matters, including scrutiny over youth safety on its platforms. The company warned in its earnings release that such issues “could significantly impact our business and financial results” and noted potential material losses from upcoming U.S. trials.

The company operates Facebook, Instagram, WhatsApp and Messenger, with a heavy emphasis on AI enhancements for content recommendation, ad targeting and new experiences. It has released models through Meta Superintelligence Labs and continues work on AI agents and infrastructure.

Industry-wide, major tech firms have adjusted workforces amid AI investments. Meta’s changes include shifting employees to teams focused on applied AI engineering and agent development. Severance packages for laid-off workers include at least 16 weeks of pay plus additional benefits.

Shares reacted negatively after the April earnings release due to the raised capex outlook but have shown resilience in recent sessions amid broader market conditions. The stock closed at $602.61 on May 19, down 1.41% for that session.

Meta expects full-year 2026 total expenses between $162 billion and $169 billion, unchanged from prior guidance. It anticipates its tax rate for remaining quarters at 13% to 16%, absent changes in the tax landscape.

The next earnings report is scheduled for late July. Investors continue to monitor user engagement metrics, ad revenue trends and progress on AI monetization amid competition from other tech giants.

Meta’s balance sheet remains strong, supporting ongoing investments while returning capital to shareholders. The company employed about 78,000 people at the end of 2025 before the current round of changes.

Broader market factors, including interest rates and sector rotation, have influenced trading in recent weeks. Meta has outperformed some peers in advertising revenue growth despite macroeconomic pressures.

The restructuring underscores Meta’s commitment to becoming an AI-first company, with CEO Zuckerberg emphasizing long-term bets on superintelligence and efficiency gains from AI tools.

Despite triumphant headlines from Wall Street, one prominent economic forecaster is sounding the alarm that the U.S. economy is sitting on a razor’s edge.

In a recent interview with TheStreet, Moody’s Analytics chief economist Mark Zandi placed the probability of a U.S. recession within the next year at 40%, compared to a historical average of about 15%.

“So, 40% is very elevated, very uncomfortable — it gives you a sense of how close I think things are to the edge here,” he said.

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Though his comments come on the heels of a better-than-expected April jobs report and stocks reaching fresh highs in recent weeks, Zandi pointed out that real disposable income has stalled year over year, showing 0% net growth.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York on May 19, 2026. (Getty Images)

“Real disposable income — that’s after tax, after accounting for inflation — is no higher today than it was a year ago. So, there’s been no growth in purchasing power, and that’s going to get worse and start declining,” the economist noted, adding that lower- and middle-class consumers are “living more paycheck to paycheck.”

“You’re gonna have to trade down,” Zandi continued. “You can’t have beef — you gotta have chicken.”

The S&P 500, Nasdaq and Dow have posted a modest pullback since those fresh highs, which Zandi attributed to strength in artificial intelligence-related companies. He further explained the divergence between corporate equity gains and the broader U.S. economy.

“The stock market’s not the economy. In my 36 years as a professional economist, the stock market’s never been more disjointed from the economy,” he said.

“What’s driving the stock market train is these big hyperscalers and chip companies,” Zandi added. “Valuations are awfully high… except for perhaps during the internet bubble, which didn’t end so well.”

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When it comes to equity investors banking on political intervention, Zandi said traders are increasingly betting that President Donald Trump will adjust policy levers to support the markets or the economy if a correction begins.

“Stock investors are looking at the president, the president’s looking at the stock market. That doesn’t feel like a stable… equilibrium — it’s kind of like a hall of mirrors,” he cautioned.

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The auction will be held on May 26.

“On a review of current and evolving liquidity conditions, it has been decided to conduct a USD/INR buy/sell swap auction of $5 billion for a tenor of three years,” the central bank said in a circular.

This comes on the backdrop of around 6% depreciation of the local currency since the beginning of the Iran wao on February 28. The rupee on Wednesday saw a new closing low of 96.83 a dollar after recovering a bit from the all time low of 96.96 a dollar. In the one-year forward market, the rupee was seen traded over 100 a dollar.

“The dollar-rupee swap is expected to cool down the forward premium from the recent highs, besides improved rupee-liquidity in the banking system” an economist with a foreign bank said.

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The dollar-sell swap move will also boost the country’s forex reserves, he added.
The RBI has been digging its foreign exchange reserves to sell dollars to reduce the rupee volatility. The reserves stood at $696.988 billion at the end of May 8, ass compared to its all-time peak of $728.49 billion seen on February 27,This will be the first dollar-sell swap by the central bank amid the geopolitical conflict, which started on February 28. It had done two such swaps of $10 billion each on February 4 and January 13,

The swap will be in the nature of a simple buy/sell foreign exchange swap from the Reserve Bank side. Banks will sell dollars to the central bank and simultaneously agree to buy the same amount at the end of the swap period.

The auction cut-off would be based on the premium amount in paisa terms up to two decimal points. The market participants would be required to place their bids with the premium that they are willing to pay to the RBI for the tenure of the swap expressed in paisa terms up to two decimal places. Successful bids will get accepted at their respective quoted premium, the central bank said.