Hurricane Otis

 Tiendas 3B 4Q23 & FY2023 Earnings Release

Retrieved on: 
Friday, April 26, 2024

Please see the explanation at the end of this release on how EBITDA, a non-IFRS financial measure, is calculated, and for other relevant definitions.

Key Points: 
  • Please see the explanation at the end of this release on how EBITDA, a non-IFRS financial measure, is calculated, and for other relevant definitions.
  • As a percentage of total revenue, sales expenses moved from 10.6% in 2022 to 10.9% in 2023, an expansion of 32 bps.
  • Please see the last section of this release on how we calculate EBITDA and EBITDA Margin, which are non-IFRS financial measures.
  • Tiendas 3B’s capitalized lease costs payments for buildings were Ps.

EQS-News: Hannover Re beats full-year earnings target and raises dividend

Retrieved on: 
Wednesday, April 10, 2024

This is comprised of an ordinary dividend of EUR 6.00 (EUR 5.00) per share and a special dividend of EUR 1.20 (EUR 1.00) per share.

Key Points: 
  • This is comprised of an ordinary dividend of EUR 6.00 (EUR 5.00) per share and a special dividend of EUR 1.20 (EUR 1.00) per share.
  • We were able to beat our earnings target and significantly increase the dividend.
  • At the same time, we further strengthened Hannover Re's resilience," said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re.
  • The ordinary dividend will be supplemented by a special dividend provided the capitalisation exceeds the capital required for future growth and the profit target is achieved.

GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. FOURTH QUARTER 2023 RESULTS

Retrieved on: 
Tuesday, February 20, 2024

de C.V. reports its 2023 fourth quarter results.

Key Points: 
  • de C.V. reports its 2023 fourth quarter results.
  • All figures are shown in nominal terms and reported under International Financial Reporting Standards (IFRS).
  • Growth of 8.7% in Same-Store Sales (SSS) in Mexico, exceeding the 6% recorded by ANTAD.
  • The above is equivalent to a total of $2,147 million pesos or 28.1% of majority income in 2023.

BingX Reflects on 2023: A Year of Growth, Innovation, and Recognition

Retrieved on: 
Tuesday, February 20, 2024

BingX experienced a whopping 250% year-on-year surge in trading volume and doubled its user base from 5 million to 10 million.

Key Points: 
  • BingX experienced a whopping 250% year-on-year surge in trading volume and doubled its user base from 5 million to 10 million.
  • Against a backdrop of subdued global economic growth, BingX showcased its ability to overcome challenges, recording impressive gains and achieving significant milestones.
  • Meanwhile, the BingX VIP program has been updated, bringing a spectrum of exclusive benefits and unprecedented perks to its user community.
  • Vivien Lin, Chief Product Officer at BingX, conveyed gratitude: "2023 has been an extraordinary journey for BingX.

JAVER 2023: Growth, Profitability, and Sustainability Achievements

Retrieved on: 
Friday, February 9, 2024

The figures reveal sustained growth in its financial operations and a steadfast commitment to social responsibility and sustainability.

Key Points: 
  • The figures reveal sustained growth in its financial operations and a steadfast commitment to social responsibility and sustainability.
  • René Martínez Martínez, CEO of JAVER, highlighted an expansion of gross margins and EBITDA, with a solid market position and effective strategic planning.
  • Beyond the numbers, JAVER reinforces its commitment to social responsibility and sustainability.
  • The fourth quarter of 2023 for JAVER was a period of financial achievements, marked by an innovative and responsible approach.

AM Best Revises Outlooks to Stable and Affirms Credit Ratings of El Aguila, Compañía de Seguros, S.A. de C.V.

Retrieved on: 
Wednesday, January 24, 2024

Concurrently, AM Best has affirmed the Mexico National Scale Rating of “aaa.MX” (Exceptional) of El Aguila with a stable outlook.

Key Points: 
  • Concurrently, AM Best has affirmed the Mexico National Scale Rating of “aaa.MX” (Exceptional) of El Aguila with a stable outlook.
  • These Credit Ratings (ratings) reflect El Aguila’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
  • El Aguila was established in Mexico in 1994 and is a wholly owned subsidiary of Great American Insurance Company.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .

Touchstone Essentials' Black Friday Sales Lead to $100K Donation

Retrieved on: 
Tuesday, December 19, 2023

RALEIGH, N.C., Dec. 19, 2023 /PRNewswire/ -- Touchstone Essentials donated $100,000 to the global humanitarian group, World Central Kitchen (WCK), after record sales this past Black Friday.

Key Points: 
  • Touchstone Essentials, a detox and wellness direct sales company, has donated $100,000 to World Central Kitchen (WCK.org) as part of their ongoing commitment to giving back.
  • RALEIGH, N.C., Dec. 19, 2023 /PRNewswire/ -- Touchstone Essentials donated $100,000 to the global humanitarian group, World Central Kitchen (WCK), after record sales this past Black Friday.
  • As the company has grown, so too has its ability to give back, with donation levels increasing each successive year.
  • Touchstone Essentials' community responded in force during the Black Friday sale with a record-breaking number of orders placed for its clean detox and organic wellness brands, propelling the company to a $100,000 donation to World Central Kitchen.

BingX Charity Responds to Hurricane Otis in Mexico

Retrieved on: 
Friday, November 17, 2023

SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- BingX Charity, the philanthropic arm of the global leading crypto exchange BingX , announced a donation of basic necessities to help communities in Acapulco, Guerrero, and surrounding areas in Mexico that have been affected by Hurricane Otis.

Key Points: 
  • SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- BingX Charity, the philanthropic arm of the global leading crypto exchange BingX , announced a donation of basic necessities to help communities in Acapulco, Guerrero, and surrounding areas in Mexico that have been affected by Hurricane Otis.
  • Hurricane Otis became the strongest storm in recorded history to strike the Pacific coast of Mexico.
  • This Category 5 hurricane made landfall near Acapulco, where its heavy rain and strong winds unleashed massive landslides and knocked out power lines.
  • In line with its ethos of giving back, BingX Charity has actively engaged in philanthropic endeavors since 2019.

GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. REITERATES ITS COMMITMENT WITH MEXICO BY ANNOUNCING THE REOPENING OF STORES IN ACAPULCO

Retrieved on: 
Monday, November 6, 2023

MEXICO CITY, Nov. 6, 2023 /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B.

Key Points: 
  • MEXICO CITY, Nov. 6, 2023 /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B.
  • de C.V. (CHEDRAUI) deeply regrets what happened in Acapulco, Guerrero, as a result of the events caused by Hurricane Otis.
  • We are the first commercial chain to restart operations in order to deliver essential items to our customers as soon as possible.
  • CHEDRAUI operates five stores in the city of Acapulco, Guerrero and today operations began in four of the five stores, and it's estimated that the fifth will begin operations next Thursday, November 9.

Acapulco was built to withstand earthquakes, but not Hurricane Otis' destructive winds – how building codes failed this resort city

Retrieved on: 
Tuesday, November 7, 2023

While Acapulco’s oceanfront high-rises were built to withstand the region’s powerful earthquakes, they had a weakness.

Key Points: 
  • While Acapulco’s oceanfront high-rises were built to withstand the region’s powerful earthquakes, they had a weakness.
  • Since powerful hurricanes are rare in Acapulco, Mexico’s building codes didn’t require that their exterior materials be able to hold up to extreme winds.
  • Otis’ powerful winds ripped off exterior cladding and shattered windows, exposing bedrooms and offices to the wind and rain.


I have worked on engineering strategies to enhance disaster resilience for over three decades and recently wrote a book, “The Blessings of Disaster,” about the gambles humans take with disaster risk and how to increase resilience. Otis provided a powerful example of one such gamble that exists when building codes rely on probabilities that certain hazards will occur based on recorded history, rather than considering the severe consequences of storms that can devastate entire cities.

The fatal flaw in building codes

  • Building codes typically provide “probabilistic-based” maps that specify wind speeds that engineers must consider when designing buildings.
  • Some models may include additional considerations, but these are still typically anchored in known experience.
  • Return periods are a somewhat arbitrary assessment of what is a reasonable balance between minimizing risk and keeping building costs reasonable.

How probability left Acapulco exposed

  • According to the Mexican building code, hotels, condos and other commercial and office buildings in Acapulco must be designed to resist 88 mph winds, corresponding to the strongest wind likely to occur on average once every 50 years there.
  • A 200-year return period for wind is used for essential facilities, such as hospital and school buildings, corresponding to 118 mph winds.
  • The probability wind maps for both return periods show Acapulco experiences lower average wind speeds than much of the 400 miles of Mexican coast north of the city.
  • Yet, Acapulco is a major city, with a metropolitan population of over 1 million.

Florida faces similiar challenges

  • For example, new buildings along most of Florida’s coast must be able to resist 140 mph winds or greater, but there are a few exceptions.
  • A 2023 update to the Florida Building Code raised the minimum wind speed to approximately 140 mph in Mexico Beach, the Panhandle town that was devastated by Hurricane Michael in 2018.

Acapulco’s earthquake design weakness

  • As a result, the lateral-load-resisting structural systems in tall buildings there are designed to resist seismic forces that are generally larger than hurricane forces.
  • However, a drawback is that the larger the mass of a building, the larger the seismic forces the building must be designed to resist.

A ‘good engineering approach’ to hazards

  • A better building code could go one step beyond “good science” probabilistic maps and adopt a “good engineering approach” by taking stock of the consequences of extreme events occurring, not just the odds that they will.
  • Unfortunately, as I explain in “The Blessings of Disaster,” we will see more extreme disasters before society truly becomes disaster resilient.


Michel Bruneau does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.