News
Missouri governor cuts $1 billion from state budget approved by lawmakers • Missouri Independent

More than 170 items were removed from the Missouri state budget Friday, when Gov. Mike Parson cut $1 billion from the spending plan approved this year by lawmakers.
In a statement explaining his cuts, Parson said he vetoed earmarked items he believes were included in the budget for special projects and organizations without considering the state’s future financial stability.
“Using the veto pen is not something I do with enthusiasm, but today’s vetoes represent the elimination of unnecessary pet projects and the protection of taxpayer dollars,” Parson said in a press release announcing his budget actions. “We may be leaving $1.9 billion on the bottom line, but that doesn’t mean we’re spending for the sake of spending.”
It was the second year in a row that Parson cut the budget, despite near-record surpluses.
One of the biggest cuts was $150 million in general revenue that was part of a $727.5 million plan to expand Interstate 44 in southwest Missouri. The cut leaves $577.5 million available, with $363 million coming from borrowed money.
Other projects, large and small, that Parson did not approve include grants to nonprofit organizations, support for local projects and set asides that targeted a single supplier for a state purchase.
Many of the individual items contained a disclaimer—that the fund being used was “grossly over-appropriated,” that it was a local responsibility, or that the long-term financial health of the state required the cut.
A new education law will cost about $400 million more annually for public schools when fully implemented, with the base formula estimated to be $300 million more in fiscal 2026, Parson wrote in a message that has been repeated several times.
“We have obligations both this year and in future years that must be accounted for today to avoid future budgetary pain tomorrow,” Parson said in the press release.
The budget — $50.5 billion for state operations in the year that begins Monday — has several spending initiatives that Parson approved. He requested several of them and accepted others added by lawmakers.
- Nearly $700 million for roads, including $577.5 million for I-44, $150 million to widen US 67 through Butler County and $40 million for construction of US 65 from Buffalo to Warsaw .
- Full funding of the state’s 75% share of school transportation costs for the third consecutive year. Transport support was not fully funded for almost 30 years, until the budget surplus began to grow.
- A 3% increase in funding for state colleges and universities, plus $367 million in new funding to complete construction projects started in 2022 or to build new campuses.
- A 3.2% salary increase for public employees.
- An increase in state grants to support teacher pay to bring the minimum wage to $40,000. In May, Parson signed a bill demanding a minimum wage of $40,000 for all districts.
- $1.5 billion in federal grants to expand broadband access in rural areas.
- $56 million for public and charter schools to provide preschool programs to all students eligible for free and reduced lunch.
Parson left in place initiatives he called for, such as fee increases for child care providers, even though the budget did not fund them at the levels he requested.
Some of the vetoed items became the target of criticism, including $12.5 million to purchase land for a state park in McDonald County inserted into the budget by state Rep. Dirk Deaton de Noel.
Parson also vetoed $1 million to help Deaton’s hometown recover from the closure of a plant in Tyson. The state helped plan job fairs and sought to market the Tyson plant, the veto message states.
“In spite of all of these efforts, the state has failed to determine the intended use of these specific funds,” Parson wrote.
There were other items vetoed because there was little information about how the money would be used.
For one, $502,000 to support a historical society that operates a museum and cemetery, the administration had no information about.
“The demographic language is not specific enough to identify where this project is located,” Parson wrote.
Some of the vetoed items were repeats from last year. One of those items was $8 million for a police training center in O’Fallon in St. Charles County.
“This project is built on a partnership that includes commitments from five different counties in the region,” Parson wrote. “While the state senators representing the county in which this facility is located voted against (the spending bill), it leads my administration to believe that there is not broad regional support for this training facility.”
St. Charles is represented by state Sens. Bill Eigel of Weldon Spring and Nick Schroer of Defiance, members of the Freedom Caucus that disrupted plans for an orderly debate on the budget. with a 41-hour obstruction.
Let us know what you think…
One of the smaller items that was vetoed was $38,000 for sales tax refunds requested by state Sen. Mike Moon of Ash Grove. The refunds were for taxes considered due when the interpretation of tax legislation changed due to a court ruling.
None of the cut items were vetoed because the State lacks money.
As of May 31, the general revenue fund held $4.8 billion, and there was $1.6 billion in the bank in other funds that could be spent as general revenue. There are also funds set aside for large projects that are not so far along that they cannot be stopped, such as $600 million set aside for the expansion of the state Capitol building.
Parson’s administration released a two page summary seeking to dispel the idea that the state has a substantial cash surplus. There are large fund balances, the document states, but there are also large outstanding obligations that will reduce those balances.
“The reductions in revenues and increased ongoing expenditures enacted by recent legislation mean that we have obligations beyond the current fiscal year that depend on Missouri’s fund balances in the future,” the summary states.
Parson’s budget office projects a general revenue surplus of $1.9 billion on June 30, 2025. The budget approved by lawmakers spent $50.9 billion in total on state operations, with $15.2 million coming from general revenue.
Parson said in the press release that he cut that to $50.5 billion total for operations and $14.9 billion in overall revenue. The budget is based on a projection of $13.1 billion in general revenue.
This means that it is necessary to take advantage of an accumulated surplus to fill gaps in ongoing operations, but there are trends that will reduce the drawdown.
On June 30th, Missouri had a general revenue surplus of US$5.1 billion$1.3 billion more than had been projected when the budget for that fiscal year was written.
Parson’s January budget proposal projected it would fall to $3.2 billion when the current year ends on Sunday and would be at $1.6 billion on June 30, 2025.
Those estimates were based on a slight decline in revenue this year, but through Thursday collections were up 1.1%, which will add a small amount to the surplus. The state has collected $94 million more in general revenue this year, $13.3 billion in total so far, than it did in fiscal 2023.
The forecast for near-flat revenue next year remains unchanged, budget director Dan Haug said Friday in an email to The Independent.
This would mean that approximately $200 million would be available during the next fiscal year, which is not foreseen in the original budget.
The other factor that reduces the use of general revenues and other state funds is the lack of staff in state agencies, in some cases more than 10% below the authorized number.
Efforts to reduce state revenues are pending tax cuts. If this fiscal year ends with revenues exceeding last year’s total by $200 million, that would trigger a reduction in the top income tax rate from 0.1% to 4.7% on January 1.
The increase through Thursday isn’t enough to trigger a refund, but there are charges to come.
“We won’t be able to make that calculation,” Haug said, “until we see what the final collections are.”
GET THE MORNING NEWS DELIVERED TO YOUR INBOX
SUBSCRIBE
News
Modiv Industrial to release Q2 2024 financial results on August 6

RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
News
Volta Finance Limited – Director/PDMR Shareholding

Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
*****
Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
-
Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
-
Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
-
Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
-
Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
|||
a. Position/status |
Director |
|||||
b. Initial Notification/Amendment |
Initial notification |
|||||
|
||||||
a name |
Volta Finance Limited |
|||||
b. LAW |
2138004N6QDNAZ2V3W80 |
|||||
a. Description of the financial instrument, type of instrument |
Ordinary actions |
|||||
b. Identification code |
GG00B1GHHH78 |
|||||
c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
|||||
d. Price(s) |
€5.2 per share |
|||||
e. Volume(s) |
Total: 3380 |
|||||
f. Transaction date |
August 1, 2024 |
|||||
g. Location of transaction |
At the Market – London |
|||||
The) |
B) |
w) |
It is) |
|||
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
News
Apple to report third-quarter earnings as Wall Street eyes China sales

Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
News
Number of Americans filing for unemployment benefits hits highest level in a year

The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
-
News9 months ago
Modiv Industrial to release Q2 2024 financial results on August 6
-
News9 months ago
Volta Finance Limited – Director/PDMR Shareholding
-
News9 months ago
Apple to report third-quarter earnings as Wall Street eyes China sales
-
News11 months ago
Leeds hospitals trust says finances are “critical” amid £110m deficit
-
News11 months ago
Inventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
-
News9 months ago
Number of Americans filing for unemployment benefits hits highest level in a year
-
DeFi11 months ago
🏴☠️ Pump.Fun operated by Insider Exploit
-
Tech11 months ago
Bitcoin’s Correlation With Tech Stocks Is At Its Highest Since August 2023: Bloomberg ⋆ ZyCrypto
-
Tech11 months ago
Everything you need to know
-
Videos11 months ago
“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
-
Markets11 months ago
Whale Investments in Bitcoin Hit $100 Billion in 2024, Fueling Insane Investor Optimism ⋆ ZyCrypto
-
News9 months ago
Stocks wobble as Fed delivers and Meta bounces