Norwegian Cruise Line rang the opening bell at the New York Stock Exchange in celebration of the fifth anniversary of its IPO. Frank Del Rio, President & CEO of Norwegian Cruise Line, was with us to share which milestones stand out to him the most.
Del Rio highlights the consistent growth in the company. One milestone that he is most proud of is Norwegian’s acquisition of Prestige Holdings, which he founded. Revenue for the company jumped 11% since last year and doubled since the IPO. He says Norwegian is a story of organic growth and he sees it continuing.
China has been a tough market to crack for many U.S. companies, but not for Norwegian. Del Rio says the company found success by thinking about what the Chinse consumer wants. He says they love to shop for luxury brands, so the company built the ship with 60% more retail space. Additionally, Norwegian capitalized on gaming by putting 3 casinos on board. On top of that, he says Chinese consumers aren't big sunbathers, so the company deemphasized the pool deck.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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