Latest news with #Pace
CBS News
9 hours ago
- Business
- CBS News
New pass allows unlimited access to Metra, CTA, Pace
A new pass is now available for CTA, Pace, and Metra riders. The "Regional Day Pass" is unlimited and offers single and multiple-day options on the Ventra app. This pass costs $2.50 more than the usual Metra day pass. Weekday prices include: $10 in Metra's single zone travel area ($6 for reduced fare card holders) $13.50 in Metra's two-zone travel area ($8 for reduced fare card holders) $16 in Metra's three-zone travel area ($9 for reduced fare card holders) All weekend, "Regional Day Passes" will cost $9.50.
Business Recorder
11 hours ago
- Business
- Business Recorder
Art Basel shows more mid-priced art to a sombre market
BASEL, Switzerland: The world's biggest art fair takes place in Switzerland this week, with global crises creating a more sombre mood, according to participants, and galleries showing less expensive works amid a slump at the top end of the art market. A fixture since 1970, Art Basel is widely viewed as a key barometer for the health of global art sales. Works by over 4,000 artists are on show, including a Pablo Picasso painting valued at over $30 million shown by US gallery Pace. Global art sales fell 12% last year, the second annual decline in a row, according to a report by UBS. The drop was particularly sharp at the top end - defined as works selling at auction for over $10 million - where sales tumbled by 39%. 'It's true the galleries are bringing material that is in a different price point to what it used to be,' said Vincenzo de Bellis, Chief Artistic Officer and Global Director of Art Basel Fairs. 'And it's natural, there's a different expectation.' One artwork had sold for between $13-17 million by Wednesday, the only one to fetch at least $10 million over the first two days, sales confirmed by exhibitors show. Last year, four pieces worth $10-20 million sold during the same period. 'I think the mood is very subdued,' said Gaurav Madhok, a visitor from London who has been going for over 12 years. More than five gallery representatives said there were fewer American clients at stalls than in previous years. A separate UBS report showed a 4.6% jump in private individuals' wealth in 2024, with the U.S. faring especially well, creating over 1,000 new dollar millionaires daily. 'We've seen a lot of European curators,' said Georgia Lurie, a director of the Pippy Houldsworth gallery. 'But Americans are thin on the ground, both collectors and museum people.'
Business of Fashion
12-06-2025
- Business
- Business of Fashion
Art Basel Is Shaping Up to Be a Roll of the Dice
When the Swiss edition of Art Basel opens to VIPs on June 17 (public days are the 19th through the 22nd), Pace gallery's booth will feature a 6-foot-tall Picasso priced 'in excess of' $30 million. Oftentimes, with a work this expensive (and even far less expensive), galleries do their utmost to secure a buyer well before the fair opens, soliciting offers in a phenomenon known as pre-selling. The fair opens, the collector shows up, and the work is officially sold then. But a week before the fair, the gallery had yet to nail down a buyer for the Picasso. 'We have a very good idea about who we think is going to buy it,' says Marc Glimcher, Pace's chief executive officer. 'But we have not 'sort of' sold it. And that is part of the secret family recipe: If you feel confident and you know [the buyer] is going to be there, and you know where they are in their head, do you want to offer it before the fair, or have them bump into it at the fair?' Glimcher is opting for the latter. And he says this dash of serendipity is more common than outsiders might think: 'If I took all of the over $10 million sales that we did in Basel, I'd say that three-quarters of them were a surprise,' he says. ADVERTISEMENT This year ultra-expensive consignments are more of a roll of the dice than usual, several dealers acknowledge. 'I think this insecurity is a bit more on the higher end of the market,' says Thaddaeus Ropac, whose booth at Art Basel will include a Georg Baselitz painting from 1968 priced at about €3 million ($3.45 million), as well as a Robert Rauschenberg work for $1.5 million. 'In the main market, at least from a European perspective, it feels solid,' he continues. 'We've turned now into a buyer's market, where the buyer can say, 'I'm taking my time and thinking about it.'' The overall art market was down 12 percent last year, according to a recent Art Basel and UBS Group AG market report, with $10 million-plus sales at auction falling 39 percent year-over-year by volume and 45 percent by value. The bellwether May auctions in New York didn't help much, as the overall results were lacklustre; at the high end, totals were anaemic. 'It's not easy at the top of the market, but it's not easy at the bottom of the market either,' says the dealer Emmanuel Di Donna, who'll be bringing a $9.5 million triptych by Leonora Carrington, along with a Joan Miró from 1953 priced at about $20 million. 'So for us it's better to focus on the top-end material, as opposed to the rest. There is still a real appetite for museum-quality works when you have the right thing at the right price point.' It's a state of affairs that dealers profess to relish. Ropac says that '2022 was too easy, it went too fast,' meaning 'in times that are more challenging, you concentrate on collectors who are in it for the right motivation, and it cleans out a bit of speculation. I think it's not bad at all. To be honest, I feel rather relaxed.' Glimcher, who's also bringing a Joan Mitchell priced from $15 million to $20 million, acknowledges that 'this is a more questionable time to be selling at the high end,' but he remains sanguine about his gallery's prospects. 'We think some new data is going to come out of Basel,' he says. 'It's going to be the place that will show that there's new energy in the market.' By James Tarmy Learn more: Explainer: Making Sense of Art Basel's New Qatar Fair The world's largest organiser of art fairs will launch its fifth annual event in Doha in February 2026. What does it mean for Art Basel, Qatar and the evolution of an art market desperate for growth opportunities after more than two years of shrinking sales?
Rhyl Journal
11-06-2025
- Business
- Rhyl Journal
400 jobs at risk as Alexander Dennis seeks to ‘consolidate' bus manufacturing
The Scottish-headquartered company said it is looking at 'consolidating its UK bus body manufacturing operations' in Scarborough, North Yorkshire. This would mean its manufacturing facility in Falkirk – which Alexander Dennis said had 'already been reduced in recent years' – would close. In addition the firm said the production lines in Larbert, where it also has its global HQ, would be suspended when current contracts are completed. The GMB Scotland union said the move was a 'hammer blow' for communities 'already reeling' from the closure of the nearby oil refinery at Grangemouth. Senior organiser Robert Deavy said: 'If the company is reviewing its future operations, it must do so with an open mind and a determination to save jobs, not shed them. 'We will do everything in our power to secure the future of Alexander Dennis in Falkirk, but so must the company and so must ministers.' Alexander Dennis said the changes would lower costs and increase efficiencies. But it added up to 400 jobs – about 22% of its workforce – would now be at potential risk of redundancy. Sharon Graham, general secretary of the Unite trade union said the end of manufacturing at Falkirk and Larbert was 'devastating'. She added: 'It is the latest huge economic blow to hit local communities on the back of the Grangemouth oil refinery closing.' Scottish Deputy First Minister Kate Forbes said: 'This will be a hugely worrying time for the workforce at Alexander Dennis, their families and the wider community.' She said the Scottish Government has in recent weeks 'engaged extensively' with the company and its parent firm NFI to 'understand the issues and ensure that every possible avenue is explored to mitigate the need for redundancies'. Ms Forbes and Scottish First Minister John Swinney have been involved in these talks, along with representatives from Scottish Enterprise, Transport Scotland and the UK Government. Ms Forbes pledged: 'The Scottish Government will continue to explore any and all options throughout the consultation period to allow the firm to retain their hard-working employees and manufacturing and production facilities at Falkirk and Larbert.' She added that in the event of job losses, the Scottish Government would provide support through its Partnership Action for Continuing Employment (Pace) initiative. Paul Davies, Alexander Dennis president and managing director, said the firm is proposing a UK manufacturing strategy 'to underpin financial sustainability and lower operating costs in the face of changing and challenging market dynamics'. With Alexander Dennis dating back to 1895, Mr Davies stressed bosses 'firmly believe in our people, products and business'. But he added: 'We must take significant action to drive efficiency to allow our operating model to be competitive. 'It is extremely regrettable that as part of this, we must place jobs at potential risk of redundancy and propose to cease manufacturing operations at some of our facilities.' Mr Davies said this is necessary because 'the stark reality is that current UK policy does not allow for the incentivisation or reward of local content, job retention and creation, nor does it encourage any domestic economic benefit'. He added: 'We have warned of the competitive imbalance for some time and would like to see policy and legislative changes that incentivise the delivery of local benefit where taxpayer money is invested. 'We strongly believe funding that supports public transport should lead to investment in local jobs, domestic supply chains, technology creation and a recurrent tax base. 'It is our hope that the forthcoming industrial strategy will provide reassurance that there is value in manufacturing within the borders of the UK and we remain hopeful of policy and legislative changes that increase the UK's focus on support for domestic manufacturing. 'Our new strategy would allow us to respond appropriately to increase local production if structural changes are made.' Scottish Secretary Ian Murray said part of the problem at Alexander Dennis was because SNP ministers had 'not ordered enough buses' from them. He said the Scottish Government had ordered 44 buses from the firm, contrasting this with the 200 buses ordered by Greater Manchester Mayor Andy Burnham. Mr Murray added the restructuring plans were a 'huge shock for the local area' but said the 45-day period that would now follow gave 'time to see if there is ways in which we can help'. Speaking for the UK Government, he added: 'We've been encouraging the Scottish Government to look at a furlough scheme for Alexander Dennis employees in order for us to be able to buy a little bit of time to work through some of the problems that the company have got.'
Yahoo
11-06-2025
- Business
- Yahoo
400 jobs at risk as Alexander Dennis seeks to ‘consolidate' bus manufacturing
Bus maker Alexander Dennis has announced up to 400 jobs could be cut as it seeks to move all its UK manufacturing work to a single site in England. The Scottish-headquartered company said it is looking at 'consolidating its UK bus body manufacturing operations' in Scarborough, North Yorkshire. This would mean its manufacturing facility in Falkirk – which Alexander Dennis said had 'already been reduced in recent years' – would close. In addition the firm said the production lines in Larbert, where it also has its global HQ, would be suspended when current contracts are completed. The GMB Scotland union said the move was a 'hammer blow' for communities 'already reeling' from the closure of the nearby oil refinery at Grangemouth. Senior organiser Robert Deavy said: 'If the company is reviewing its future operations, it must do so with an open mind and a determination to save jobs, not shed them. 'We will do everything in our power to secure the future of Alexander Dennis in Falkirk, but so must the company and so must ministers.' Alexander Dennis said the changes would lower costs and increase efficiencies. But it added up to 400 jobs – about 22% of its workforce – would now be at potential risk of redundancy. Sharon Graham, general secretary of the Unite trade union said the end of manufacturing at Falkirk and Larbert was 'devastating'. She added: 'It is the latest huge economic blow to hit local communities on the back of the Grangemouth oil refinery closing.' Scottish Deputy First Minister Kate Forbes said: 'This will be a hugely worrying time for the workforce at Alexander Dennis, their families and the wider community.' She said the Scottish Government has in recent weeks 'engaged extensively' with the company and its parent firm NFI to 'understand the issues and ensure that every possible avenue is explored to mitigate the need for redundancies'. Ms Forbes and Scottish First Minister John Swinney have been involved in these talks, along with representatives from Scottish Enterprise, Transport Scotland and the UK Government. Ms Forbes pledged: 'The Scottish Government will continue to explore any and all options throughout the consultation period to allow the firm to retain their hard-working employees and manufacturing and production facilities at Falkirk and Larbert.' She added that in the event of job losses, the Scottish Government would provide support through its Partnership Action for Continuing Employment (Pace) initiative. Paul Davies, Alexander Dennis president and managing director, said the firm is proposing a UK manufacturing strategy 'to underpin financial sustainability and lower operating costs in the face of changing and challenging market dynamics'. With Alexander Dennis dating back to 1895, Mr Davies stressed bosses 'firmly believe in our people, products and business'. But he added: 'We must take significant action to drive efficiency to allow our operating model to be competitive. 'It is extremely regrettable that as part of this, we must place jobs at potential risk of redundancy and propose to cease manufacturing operations at some of our facilities.' Mr Davies said this is necessary because 'the stark reality is that current UK policy does not allow for the incentivisation or reward of local content, job retention and creation, nor does it encourage any domestic economic benefit'. He added: 'We have warned of the competitive imbalance for some time and would like to see policy and legislative changes that incentivise the delivery of local benefit where taxpayer money is invested. 'We strongly believe funding that supports public transport should lead to investment in local jobs, domestic supply chains, technology creation and a recurrent tax base. 'It is our hope that the forthcoming industrial strategy will provide reassurance that there is value in manufacturing within the borders of the UK and we remain hopeful of policy and legislative changes that increase the UK's focus on support for domestic manufacturing. 'Our new strategy would allow us to respond appropriately to increase local production if structural changes are made.' Scottish Secretary Ian Murray said part of the problem at Alexander Dennis was because SNP ministers had 'not ordered enough buses' from them. He said the Scottish Government had ordered 44 buses from the firm, contrasting this with the 200 buses ordered by Greater Manchester Mayor Andy Burnham. Mr Murray added the restructuring plans were a 'huge shock for the local area' but said the 45-day period that would now follow gave 'time to see if there is ways in which we can help'. Speaking for the UK Government, he added: 'We've been encouraging the Scottish Government to look at a furlough scheme for Alexander Dennis employees in order for us to be able to buy a little bit of time to work through some of the problems that the company have got.'
