Scott Bessent a credible, safe pick for Treasury: expertsThe quick benching of Dolphins backup QB Skylar Thompson vs. the Patriots, a game Miami won handedly, raises a question about whether coach Mike McDaniel trusts him.Photo: The Canadian Press LAS VEGAS (AP) — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. “As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It’s an honor for General Motors and Cadillac to join the world’s premier racing series, and we’re committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM’s engineering expertise and technology leadership at an entirely new level.” The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. “We’re excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. “Together, we’re assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world.” Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. “The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team,” Michael Andretti posted on social media. “I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!” The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti’s dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years and F1 initially denied the application despite approval from F1 sanctioning body FIA . The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they’ve already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti’s application was the only one of seven applicants to meet all required criteria to expand F1’s current grid. “General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. “Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024,” F1 said in a statement. “Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. “With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." ___ AP auto racing: https://apnews.com/hub/auto-racing
Jimmy Carter, the United States’ longest-lived president, was never afraid of speaking his mind. Forthright and fearless, the Nobel Prize winner took pot-shots at former prime minister Tony Blair and ex-US president George W Bush among others. His death came after repeated bouts of illness in which images of the increasingly frail former president failed to erase memories of his fierce spirit. Democrat James Earl “Jimmy” Carter Jr swept to power in 1977 with his Trust Me campaign helping to beat Republican president Gerald Ford. Serving as 39th US president from 1977 to 1981, he sought to make government “competent and compassionate” but was ousted by the unstoppable Hollywood appeal of a certain Ronald Reagan. A skilled sportsman, Mr Carter left his home of Plains, Georgia, to join the US Navy, returning later to run his family’s peanut business. A stint in the Georgia senate lit the touchpaper on his political career and he rose to the top of the Democratic movement. But he will also be remembered for a bizarre encounter with a deeply disgruntled opponent. The president was enjoying a relaxing fishing trip near his home town in 1979 when his craft was attacked by a furious swamp rabbit which reportedly swam up to the boat hissing wildly. The press had a field day, with one paper bearing the headline President Attacked By Rabbit. Away from encounters with belligerent bunnies, Mr Carter’s willingness to address politically uncomfortable topics did not diminish with age. He recently said that he would be willing to travel to North Korea for peace talks on behalf of US President Donald Trump. He also famously mounted a ferocious and personal attack on Tony Blair over the Iraq war, weeks before the prime minister left office in June 2007. Mr Carter, who had already denounced George W Bush’s presidency as “the worst in history”, used an interview on BBC radio to condemn Mr Blair for his tight relations with Mr Bush, particularly concerning the Iraq War. Asked how he would characterise Mr Blair’s relationship with Mr Bush, Mr Carter replied: “Abominable. Loyal, blind, apparently subservient. “I think that the almost undeviating support by Great Britain for the ill-advised policies of President Bush in Iraq have been a major tragedy for the world.” Mr Carter was also voluble over the Rhodesia crisis, which was about to end during his presidency. His support for Robert Mugabe at the time generated widespread criticism. He was said to have ignored the warnings of many prominent Zimbabweans, black and white, about what sort of leader Mugabe would be. This was seen by Mr Carter’s critics as “deserving a prominent place among the outrages of the Carter years”. Mr Carter has since said he and his administration had spent more effort and worry on Rhodesia than on the Middle East. He admitted he had supported two revolutionaries in Mugabe and Joshua Nkomo, and with hindsight said later that Mugabe had been “a good leader gone bad”, having at first been “a very enlightened president”. One US commentator wrote: “History will not look kindly on those in the West who insisted on bringing the avowed Marxist Mugabe into the government. “In particular, the Jimmy Carter foreign policy... bears some responsibility for the fate of a small African country with scant connection to American national interests.” In recent years Mr Carter developed a reputation as an international peace negotiator. He won the Nobel Peace Prize in 2002 for his commitment to finding peaceful solutions to international conflicts, his work with human rights and democracy initiatives, and his promotion of economic and social programmes. Mr Carter was dispatched to North Korea in August 2008 to secure the release of US citizen Aijalon Mahli Gomes, who had been sentenced to eight years of hard labour after being found guilty of illegally entering North Korea. He successfully secured the release of Mr Gomes. In 2010 he returned to the White House to greet President Barack Obama and discuss international affairs amid rising tensions on the Korean peninsula. Proving politics runs in the family, in 2013 his grandson Jason, a state senator, announced his bid to become governor in Georgia, where his famous grandfather governed before becoming president. He eventually lost to incumbent Republican Nathan Deal. Fears that Mr Carter’s health was deteriorating were sparked in 2015 when he cut short an election observation visit in Guyana because he was “not feeling well”. It would have been Mr Carter’s 39th trip to personally observe an international election. Three months later, on August 12, he revealed he had cancer which had been diagnosed after he underwent surgery to remove a small mass in his liver. Mr Obama was among the well-wishers hoping for Mr Carter’s full recovery after it was confirmed the cancer had spread widely. Melanoma had been found in his brain and liver, and Mr Carter underwent immunotherapy and radiation therapy, before announcing in March the following year that he no longer needed any treatment. In 2017, Mr Carter was taken to hospital as a precaution, after he became dehydrated at a home-building project in Canada. He was admitted to hospital on multiple occasions in 2019 having had a series of falls, suffering a brain bleed and a broken pelvis, as well as a stint to be treated for a urinary tract infection. Mr Carter spent much of the coronavirus pandemic largely at his home in Georgia, and did not attend Joe Biden’s presidential inauguration in 2021, but extended his “best wishes”. Former first lady Rosalynn Carter, the closest adviser to Mr Carter during his term as US president, died in November 2023. She had been living with dementia and suffering many months of declining health. “Rosalynn was my equal partner in everything I ever accomplished,” Mr Carter said in a statement following her death. “She gave me wise guidance and encouragement when I needed it. As long as Rosalynn was in the world, I always knew somebody loved and supported me.”MELBOURNE, Australia (AP) — Australia's House of Representatives passes bill banning children younger than age 16 from social media.Las Vegas quarterback Gardner Minshew is out for the season due to a broken collarbone, head coach Antonio Pierce confirmed on Monday, leaving the Raiders with a short week to determine their starter. Minshew suffered the injury when he was sacked and landed on his left shoulder late in the fourth quarter of Las Vegas' 29-19 home loss to the Denver Broncos. Former starter Aidan O'Connell, who was sidelined by a thumb injury in Week 7, could return off injured reserve in time for the Raiders (2-9) to face the two-time reigning Super Bowl champion Chiefs (10-1) on Friday in Kansas City. "We'll see if Aidan is good to go," Pierce said. "He's been ramping up." O'Connell entered the 21-day practice window on Monday as the Raiders determine when to activate him. "Seeing him able to grip the ball comfortable, hopefully, no pain there, and just being able to be efficient," Pierce said. "To put a player out there that's hurting or injured still, that's not to the benefit of the player or our team." O'Connell, 26, has played in four games this season, starting two (both losses). He is 52 of 82 (63.4 percent) for 455 yards, two touchdowns and two interceptions. As a rookie last season, O'Connell started 10 of 11 games, going 5-5, and completed 213 of 343 passes (62.1 percent) for 2,218 yards, 12 TDs and seven interceptions. The Raiders selected O'Connell in the fourth round of the 2023 NFL Draft. "Obviously at the quarterback position, you've got to be smart," Pierce said. "I think with Aidan, his future's much brighter looking ahead. ... I'll have to really rely on our doctors and medical staff." Desmond Ridder replaced Minshew and went 5 of 10 for 64 yards. Ridder, 25, has appeared in three games this season for Las Vegas and is 16 of 26 (61.5 percent) for 138 yards and one TD. Ridder played the previous two seasons for the Atlanta Falcons, who selected him in the third round of the 2022 draft. For his career, he is 338 of 529 (63.9 percent) for 3,682 yards, 15 TDs and 12 interceptions in 22 games (17 starts, 8-9 record). Minshew, 28, completed 25 of 42 passes for 230 yards with one touchdown and one interception against the Broncos. He finished his first season with the Raiders with 2,013 yards, nine TDs and 10 picks on 66.3 percent passing. He joined the Raiders in free agency after stints in Jacksonville (2019-20), Philadelphia (2021-22) and Indianapolis (2023) and won the starting job in camp. But he was benched multiple times for O'Connell as the Raiders struggled as a team. --Field Level Media
EXETER CLAIMED A first English Premiership victory of the season at the ninth attempt as they edged out Gloucester 22-15 on Sunday. The Chiefs climbed off the basement above Newcastle after a nervy encounter at Sandy Park. Prop Josh Iosefa-Scott’s late try secured the points following a strong Gloucester second-half fightback. Exeter led at the break following touchdowns for hooker Dan Frost and centre Tamati Tua, with Henry Slade converting both scores, as Gloucester were reduced to a solitary Santi Carreras penalty. But tries in quick succession after the interval for fly-half Gareth Anscombe and replacement prop Jamal Ford-Robinson, one converted by Carreras, put them ahead. Carreras, though, also missed a conversion and a penalty, and Exeter closed the game out via a Slade penalty and Iosefa-Scott’s try. “It was awesome,” said England centre Slade, playing at fly-half on Sunday. “Confidence has been low. Naturally, when you lose games on the bounce, you do lose confidence. “But the boys have been scrapping and fighting. There has been a lot of heartache, and to come out on the right side today makes it all the better because it has taken so long.”
EAST RUTHERFORD, N.J. (AP) — With tears occasionally welling in his eyes, Daniel Jones disagreed on Thursday with the New York Giants’ decision to bench him earlier this week and perhaps end his five-plus tenure as the team’s quarterback. The 27-year-old Jones said he gave the team everything he had after being taken sixth overall in the 2019 draft and he believes he still has a future in the NFL. He held himself accountable for the Giants making the playoffs once in his tenure as the starter. The Duke product took over early in his rookie season when then-coach Pat Shurmur benched two-time Super Bowl MVP Eli Manning, who was near the end of his career. Coach Brian Daboll benched Jones on Monday after the Giants (2-8) returned to practice following a bye week and 20-17 overtime loss to Carolina in Germany. Tommy DeVito will start Sunday against the Tampa Bay Buccaneers, with Daboll hoping he can spark the team. “Definitely not happy about it,” said Jones, who read a 90-second statement before taking questions from reporters. “Yeah, not what you want to hear. So, yeah, all those emotions you have. But at the end of the day, this is football. We’re in a business where your expected to get results and we weren’t doing it.” RELATED COVERAGE Nick Chubb plows through heavy snow for 2-yard TD, giving Browns 24-19 win over Steelers Browns’ Myles Garrett sends message to Steelers and T.J. Watt with 3 first-half sacks Patriots’ Drake Maye vs. Dolphins’ Tua Tagovailoa could be the first meeting of many Wearing his no-contact red jersey with a faded No. 8, Jones indicated the Giants offered him the opportunity to walk away from the team with seven games left in the season. He said he is considering it, but he also wanted to stay and help DeVito get ready this week. It is unlikely the Giants are going to let him play again. He has two years left on a four-year, $160 million contract. Next season includes a $23 million guarantee that will kick in if he is hurt and is not ready to start the 2025 season. The AP Top 25 college football poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . Since being benched, Jones is barely getting any snaps, with most of them being taken by DeVito and backup Drew Lock. “I got the injury guarantee,” Jones said of his lack of work. Asked if he would have waived the guarantee, Jones said general manager Joe Schoen and his agent, Brian Murphy, discussed the issue but that was it. Jones spoke for almost 11 minutes. He got emotional when told receiver Darius Slayton and defensive tackle Dexter Lawrence both referred to him as still the best quarterback on the team. All three were drafted in 2019. Jones called the Giants a first-class organization, cherished the relationships he has and thanked his teammates, coaches and staff. “There have been some great times. But of course, we all wish there had been more of those,” Jones said. “I take full responsibility for my part in not bringing more wins. No one wanted to win more games worse than me. I gave everything I had on the field and in my preparation.” Jones called the 2024 season disappointing and took responsibility. “The idea to change something happens, and I understand. I love the game,” Jones said. “I love being part of a team. I’m excited for the next opportunity. I know that there’s a lot of good football in front of me.” ___ AP NFL: https://apnews.com/hub/nflNEW YORK — Eager to preserve President-elect Donald Trump's hush money conviction even as he returns to office, prosecutors suggested various ways forward — including one based on how some courts handle criminal cases when defendants die. In court papers made public Tuesday, the Manhattan district attorney's office proposed an array of options for keeping the historic conviction on the books. The proposals include freezing the case until Trump is out of office, or agreeing that any future sentence wouldn't include jail time. Another idea: closing the case with a notation that acknowledges his conviction but says that he was never sentenced and his appeal wasn't resolved because of presidential immunity. Former President Donald Trump appears in Manhattan criminal court May 30 during jury deliberations in his criminal hush money trial in New York. Steven Hirsch, New York Post The last is adopted from what some states do when a criminal defendant dies after being convicted but before appeals are exhausted. It is unclear whether that option is viable under New York law, but prosecutors suggested that Judge Juan M. Merchan could innovate in what's already a unique case. People are also reading... "This remedy would prevent defendant from being burdened during his presidency by an ongoing criminal proceeding," prosecutors wrote. But at the same time, it wouldn't "precipitously discard" the "meaningful fact that defendant was indicted and found guilty by a jury of his peers." Expanding on a position they laid out last month, prosecutors acknowledged that "presidential immunity requires accommodation during a president's time in office," but they were adamant that the conviction should stand. They argued that Trump's impending return to the White House should not upend a jury's finding. Trump wants the case to be thrown out in light of his election. His communications director, Steven Cheung, called prosecutors' filing "a pathetic attempt to salvage the remains of an unconstitutional and politically motivated hoax." Trump has fought for months to reverse his conviction on 34 counts of falsifying business records. Prosecutors said he fudged the documents to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. Former President Donald Trump returns to the courtroom May 30 at Manhattan Criminal Court in New York. Seth Wenig, Pool Listen now and subscribe: Apple Podcasts | Spotify | RSS Feed | SoundStack | All Of Our Podcasts He claims they didn’t and denies wrongdoing. Trump portrays the case as a political attack ginned up by District Attorney Alvin Bragg and other Democrats. Trump's legal team argues that letting the case continue would present unconstitutional "disruptions" to his upcoming presidential term. Trump's attorneys also cited President Joe Biden's recent pardon of his son Hunter Biden, who was convicted of tax and gun charges. Biden complained that his son was unfairly prosecuted for political reasons — and Trump's lawyers say he was, too. Trump's lawyers argued that the possibility of a jail sentence — even if it's after he leaves office — would affect his presidency. Prosecutors suggested Merchan could address that concern by agreeing not to put him behind bars. It's unclear how soon Merchan could decide what to do next with the case. He could grant Trump's request for dismissal, go with one of the suggestions from prosecutors, wait until a federal appeals court rules on Trump's parallel effort to get the case moved out of state court, or choose some other option. Trump, a Republican, takes office Jan. 20. Former President Donald Trump gestures May 31 as he leaves a news conference at Trump Tower in New York. Julia Nikhinson, Associated Press He was scheduled for sentencing late last month. After Trump's Nov. 5 election win, Merchan halted proceedings and indefinitely postponed the former and future president's sentencing so the defense and prosecution could weigh in on the future of the case. Merchan also delayed a decision on Trump's prior bid to dismiss the case on immunity grounds. A dismissal would erase Trump's conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. The hush money case was the only one of Trump's four criminal indictments to go to trial. Since the election, special counsel Jack Smith ended his two federal cases, which pertained to Trump's efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in each case. Sign up for our Crime & Courts newsletterRaiders confirm QB Gardner Minshew out for season, look to Aidan O'Connell
Nvidia reported Q3 revenue of $35.1 billion, up 94% from last year with data center sales reaching $30.8 billion. Fellow tech firms showed mixed results, with Snowflake growing 29% to $900 million in revenue, while artificial intelligence (AI) startup BEN recorded $50,000 in its first significant quarterly sales amid mounting losses. Nvidia’s Results Hit $35.1B on AI Surge Nvidia reported third-quarter revenue of $35.1 billion , up 94 % from a year ago and 17% from the previous quarter, as AI computing drives unprecedented chip demand. The Santa Clara, California, semiconductor maker’s data center segment reached $30.8 billion in revenue, up 112% from last year and 17% from the previous quarter. This division now represents 88% of total revenue. “The age of AI is in full steam, propelling a global shift to Nvidia computing,” CEO Jensen Huang said in the earnings release . “Demand for Hopper and anticipation for Blackwell — in full production — are incredible.” Net income increased 109% to $19.3 billion, with earnings per share of $0.78, up 111% year over year. The company forecast fourth-quarter revenue of $37.5 billion, plus or minus 2%. Gaming revenue grew 15% year over year to $3.3 billion, and automotive revenue reached $449 million, up 72% from last year. The results cement Nvidia’s dominance in AI computing hardware as companies expand their AI infrastructure globally. Snowflake Grows as Cloud Adoption Expands Snowflake , which markets itself as “the AI Data Cloud company,” reported third-quarter product revenue of $900.3 million, up 29% from a year earlier, while forecasting slower growth ahead . “Our obsessive drive to produce product cohesion and ease of use has built Snowflake into the easiest and most cost-effective enterprise data platform,” CEO Sridhar Ramaswamy said in a news release . The company’s remaining performance obligations, representing contracted future revenue, grew 55% to $5.7 billion. Snowflake expanded its base of large customers, now serving 542 organizations with trailing 12-month product revenue exceeding $1 million, up 25% year over year. Snowflake raised $2.27 billion in September through convertible notes offerings due 2027 and 2029. Looking ahead, the company expects fourth-quarter product revenue between $906 million and $911 million, indicating year-over-year growth of approximately 23%. The company posted a net loss of $327.9 million for the quarter , compared with $214.7 million a year earlier. BEN Reports Mixed Results Brand Engagement Network , an AI solutions provider, reported its first significant quarterly revenue of $50,000 while recording wider losses as it expands its healthcare AI partnerships. “We made significant progress in delivering secure, scalable AI solutions and advancing our mission to transform industries with intelligent technology,” said CEO Paul Chang in a news release . The Wyoming company struck deals to deploy its AI assistants with KangarooHealth for remote patient monitoring and IntelliTek for healthcare operations. These partnerships aim to use BEN’s conversational AI technology to enhance patient engagement and chronic care management across multiple regions. However, operating losses widened to $5.82 million from $2.58 million a year earlier, reflecting heavy investment in AI development and expansion. The company secured a $50 million equity purchase agreement with Yorkville Advisors to fund growth and plans to acquire German tech firm Cataneo for $19.5 million by year end. The company’s aggressive push into healthcare AI marks its strategy to commercialize its conversational AI technology in high-value sectors despite cash reserves dropping to $72,878 from $1.69 million at the start of the year.
Vancouver city councillors have approved a 2025 operating budget that holds property tax increases to 3.9 per cent. City staff had initially proposed an increase of 5.5 per cent, but Mayor Ken Sim said additional savings and revenue sources allowed the final figure to come in at the lower figure. “Today is a great day,” Sim said. “The property tax increase is coming in at 2.9 per cent plus a one per cent allotment for capital, to invest in infrastructure, and that came without cutting any services, and even adding things like making sure our firefighters have suits that don’t cause cancer.” ABC Vancouver Coun. Mike Klassen said staff were able to find more revenue from the city’s property endowment fund, while savings were identified through efficiencies, including spreading the cost of implementing police body-worn cameras over two budget cycles. Green Coun. Adrianne Carr said she still has questions about how city staff arrived at the savings. “Where did they find those efficiencies?” she said. “My concern is are they finding those efficiencies in things I think are really important in the budget, and particularly I am concerned as to whether or not we are tackling sufficiently the burden of climate change on this city, both in terms of mitigation and adaptation to it.” Homeowners are also facing an 18.2-per cent utility fee hike, partially driven by a 37-per cent increase in sewer rates related to cost overruns on the North Shore Wastewater Treatment plant. Vancouverites are also looking at the prospect of several user fee increases, including a 6-per cent fee hike for recreation facilities, a 6-per cent fee hike for most business licences, and a 3-per cent increase to building and development permit fees. Vancouver Police Chief Adam Palmer said he was “happy” that councillors had approved approximately $425 million for the department. “I am very satisfied with the decision of council and that will definitely work for the Vancouver Police Department,” he said. “We were asking for a little bit more, but I am happy with the amount that was decided on.” Palmer said councillors had eased his concern that any cost overruns on the department’s budget to cover protests and demonstrations would be covered at the end of next year. The budget also includes $195.2 million for Vancouver Fire Rescue Services, $64.5 million for the Vancouver Public Library, and $183.9 million for the Vancouver Park Board. On the infrastructure side of the ledger, the budget includes $880 million in capital spending, with priorities including upgrades to the city’s water and sewer systems, seismic upgrades to the Granville and Cambie bridges, and construction of the new PNE Amphitheatre.
Hedge fund manager Scott Bessent is a credible, safe choice for US Treasury secretary -- and one that is likely positive for markets -- observers said Saturday following President-elect Donald Trump's highly anticipated nomination. His selection came after competition for the top economic job spilled into the open last weekend, with the world's richest man Elon Musk throwing his support instead behind Trump's transition team co-chair Howard Lutnick. Lutnick has since been named commerce secretary to lead Trump's tariff and trade agenda, and Bessent's nomination days later appears to be uncontroversial for now. "Scott Bessent is a credible, mainstream pick for Treasury Secretary," said Jason Furman, a professor at Harvard University and former top White House economic adviser. "I could see previous administrations as having chosen him," Furman, a former chair of the Council of Economic Advisers, told AFP. But a key difference is that Bessent, 62, has had to adopt and defend views on topics like tariffs, in a way "he never would have in pursuit of the job for a previous Republican administration." Tariffs are a key part of Trump's economic agenda, with the Republican president-elect vowing sweeping duties on allies and adversaries alike. In an opinion piece published earlier this month on Fox News, Bessent defended the potential use of tariffs as a means to raise revenue for the government, protect strategic US industries and negotiate with trading partners. He would be one of the first openly gay Cabinet officials if confirmed by the Senate, and the first at the helm of the Treasury Department. Jens Nordvig, chief executive of data and analytics firm Exante Data who has worked with Bessent, drew a contrast between his demeanor and that of other Trump supporters. While some Trump allies have a tendency towards "general sweeping statements," Bessent is an "analytical thinker, and he communicates accordingly," Nordvig told AFP. He counts Bessent among his early clients. "I would expect his messaging to be very focused, to get his key points across, without any unnecessary flamboyance or gusto," Nordvig added of the Wall Street veteran. Calling Bessent a "safe choice," Brookings senior fellow in economic studies David Wessel told AFP: "He will be an adult in the room for the Trump administration." Besides Bessent, others seen as top contenders for Treasury chief in recent days included former Federal Reserve governor Kevin Warsh, Apollo Global Management chief executive Marc Rowan, and Tennessee Senator Bill Hagerty. It remains to be seen if Bessent will be a big influence "moderating some of the administration's more aggressive trade policy" or simply be a spokesman, Wessel said. He does not have much experience in dealing with Congress either, and this would be important next year as the Trump administration works to raise the debt ceiling and effort a tax bill to deliver on his economic promises. Bessent would also have to grapple with the country's debt burden, with debt borrowed at much lower interest rates previously and Trump's plans estimated to add trillions over time. In an open letter published Saturday, Nordvig called for "thoughtful leadership" at the Treasury, saying a realistic approach to tax cuts and bond issuance was needed. He also sounded a hopeful note, saying Bessent would work to reduce extreme risks for markets. Krishna Guha, vice chairman of Evercore ISI, believes Bessent's nomination "will be well received by financial markets," given his deep understanding of markets and macro conditions. Guha also warned of the risk of bond yields spiking and "pushing up mortgage rates and tanking the housing market, while also causing stocks to sell off." In his past administration, Trump has viewed the stock market as a gauge of his success. bys/mdDow Tumbles 200 Points; Liquidity Services Shares Spike Higher
ST. LOUIS – Jason Zucker's power-play goal broke a tie in the third period and Jiri Kulich added an insurance marker to help the Sabres hold on for a 4-2 win Sunday afternoon in Enterprise Center. Zucker's one-timer from the slot put Buffalo ahead with 9:30 left, then Kulich added a highlight-reel goal to help the Sabres extend their win streak to three games. Buffalo Sabres' Peyton Krebs (19) controls the puck while under pressure from St. Louis Blues' Tyler Tucker (75) during the first period of an NHL hockey game Sunday, Dec. 29, 2024, in St. Louis. Buffalo (14-19-4) lost a 2-0 lead but outscored St. Louis 2-0 in the third period. It's the Sabres' third three-game win streak of the season and first since Nov. 5-9. They were outshot 37-16 overall and 25-12 through the second period. Peyton Krebs and Tage Thompson scored a goal apiece in the first period to give the Sabres a 2-0 lead. They have eight first-period goals over their past three games, and they've scored the first goal in 22 of 37 games. The Sabres had a power play late in the first period with a chance to take a 3-0 lead, but Alex Tuch was called for high-sticking to make it 4-on-4 for 34 seconds. The Blues won the ensuing faceoff and tied the score 1-1 when Brayden Schenn jammed a loose puck past Ukko-Pekka Luukkonen with 4:13 left in the first period. Nathan Walker tied it 2-2 at 5:56 of the third period, capitalizing on a rebound while the Sabres were struggling to exit their defensive zone. Rasmus Dahlin became the first Sabres defenseman with seven assists in a three-game span since Brian Campbell accomplished the feat in October 2007. Jack Quinn had two assists, while Zucker and Thompson also had an assist apiece for multi-point games. First period • Blues winger Alexandre Texier cut to the slot and challenged Luukkonen with a snap shot only 25 seconds into the game. • Robert Thomas' low shot from the right circle forced Luukkonen to make a save. The Blues had outshot the Sabres 3-0 and shot attempts were 7-1 in favor of St. Louis. • Jiri Kulich won an offensive-zone faceoff back to Dahlin, who snapped the puck over to his defense partner, Bowen Byram. The latter then used a shot pass to set up Krebs for the 1-0 goal 6:52 into the first period. The goal was Krebs' fourth of the season. • Mattias Samuelsson's turnover in the neutral zone gave the Blues a 2-on-1 rush that ended with Luukkonen making a save on Jordan Kyrou. • Sabres second-year winger Zach Benson broke up the Blues' pass to the slot, where Jake Neighbours was prepared to shoot at Buffalo's net. • Samuelsson couldn't clear the zone on the Sabres' first attempt during a penalty kill with Dahlin in the box for holding, but Beck Malenstyn blocked a shot and Luukkonen made three saves to help Buffalo escape. • The Sabres failed to enter the offensive zone twice on a power play before Thompson scored with a wrist shot from the slot to put the Sabres ahead 2-0 with 6:54 left in the first period. Thompson has 18 goals in 32 games, and Buffalo's power play scored for the third time in four games. • Texier's holding penalty with 5:44 to go gave the Sabres a power play, but it ended when Tuch was sent to the box for high-sticking. The Blues cut Buffalo's lead to 2-1 on the ensuing faceoff, as Schenn jammed the loose puck past Luukkonen after the Sabres goalie had trouble handling Colton Parayko's shot from the point with 4:13 left in the first period. • The Sabres were outshot 16-6 in the first period and shot attempts were 26-8 in favor of the Blues. Second period • Luukkonen stopped Nathan Walker's wraparound 4:10 into the second period, then JJ Peterka took a cross-checking penalty to give the Blues a power play. • Byram was OK after taking a shot to the left side of his neck, Samuelsson cleared the puck out of the defensive zone and Luukkonen stopped Cam Fowler's one-timer as the Sabres killed Peterka's penalty. • Krebs missed the net on a breakaway before Dahlin's shot went off the knob of Blues goalie Jordan Binnington's stick. • Luukkonen stopped Zack Bolduc's rebound during a scramble around the Sabres' net, then Thompson missed the Blues' net after getting behind their defense. • Binnington stopped Benson during a breakaway with 4:43 remaining in the second period. • The Sabres were outshot 11-6 in the second period and 26-12 through 40 minutes. Third period • Multiple turnovers in the defensive zone gave the Blues opportunities to tie the score within the first two minutes of the third period. • Peterka took a shot wide of the left faceoff dot that was an easy save for Binnington and did not create a rebound. • Dylan Cozens dropped down to block Brandon Saad's shot, but the Sabres were hemmed in their own zone and eventually gave up the tying goal. Luukkonen made a desperation save on Parayko and Walker got to the rebound to tie it 2-2 with 14:04 left in regulation. • Tyler Tucker's cross-checking penalty gave the Sabres a power play with 10:44 left in the third period. • Zucker scored a power-play goal with a one-timer from the slot to give the Sabres a 3-2 lead at 10:30 into the third period. Lineup Samuelsson was in the Sabres' lineup after the defenseman missed practice Saturday for maintenance. Henri Jokiharju, Dennis Gilbert and Nicolas Aube-Kubel were the healthy scratches as Lindy Ruff used the same lineup as the previous two games. Jason Zucker - Tage Thompson - Alex Tuch Jack Quinn - Dylan Cozens - JJ Peterka Zach Benson - Jiri Kulich - Peyton Krebs Beck Malenstyn - Ryan McLeod - Sam Lafferty Rasmus Dahlin - Bowen Byram Mattias Samuelsson - Owen Power Jacob Bryson - Connor Clifton Next The Sabres' road trip continues Tuesday with a game against the Dallas Stars at 8 p.m., Eastern, followed by stops in Colorado and Vegas. Get in the game with our Prep Sports Newsletter Sent weekly directly to your inbox! News Sports Reporter {{description}} Email notifications are only sent once a day, and only if there are new matching items.
NoneAs the world awaits how US President-elect Donald Trump will weaponize trade, it is useful to understand how the US and China have wielded trade sanctions in the past to achieve their foreign and domestic policy goals. The US has often used trade sanctions to deal with issues such as nuclear proliferation, human rights abuses, or geopolitical aggression, and now under Trump, to reduce trade deficit and bring back jobs to the US. The US, for example, has imposed sanctions on Iran to curb its nuclear program and on Russia following its annexation of Crimea. During Trump’s first presidency, he imposed tariffs on $250 billion worth of Chinese goods, targeting sectors like technology, steel, and consumer goods. These measures were designed not only to pressure Beijing on what the US claimed as intellectual property theft, human rights violations, and unfair trade practices but also to incentivize US companies to shift production to the US. Similarly, China has also wielded trade sanctions as an instrument of foreign policy. Since 2010, China has imposed sanctions against 15 countries including Australia, Japan, South Korea, Norway, the Philippines, Mongolia, Canada, Lithuania, and the United States. These sanctions vary in motivation, scope, target, and duration, but their strategies tend to be ambiguous and informal but also proportional, conditional, and ultimately pragmatic. If President Trump has the art of the deal, China has the art of the trade war. Historically, China tended to wield trade sanctions over what it claims as infringements of its core interests — territorial integrity, political stability, economic priorities, and national security. In 2012, for example, Beijing imposed trade sanctions — that lasted four years — on the Philippines after it filed a case against China over the Scarborough Shoal in the South China Sea. When Norway awarded the 2010 Nobel Peace Prize to Chinese dissident Liu Xiaobo, China blocked Norwegian salmon exports for six years. In 2016, China imposed sanctions on Mongolia after the Dalai Lama’s visit, targeting Mongolian mining exports with administrative delays. South Korea experienced a similar response when it deployed the THAAD missile defense system in 2016. China retaliated by restricting tourism, banning Korean cultural products, and increasing inspections on South Korean goods — a move that cost the South Korean economy an estimated $7.5 billion over six years. In 2020, after Australia called for an independent investigation into the origins of COVID-19 and banned Huawei from its 5G rollout, China imposed broad sanctions on Australian coal, barley, beef, and wine estimated at over $20 billion worth of exports. In all of these cases, trade sanctions were eventually eased as a result of policy shifts or changes in political leadership in sanctioned countries. These examples illustrate the range and conditional nature of China’s trade sanctions. Economic pressure is applied strategically, and sanctions are often lifted when target countries adjust policies, offer diplomatic concessions, or prioritize economic cooperation with Beijing. While China’s motivations are predictable — to protect its core interests — its sanctions strategy is often ambiguous and informal. Unlike Western powers, which publicly announce and justify sanctions — even with Trump’s trade deficit reduction project — China often attributes trade disruptions to technical or regulatory issues. When Mongolia hosted the Dalai Lama in 2016, Chinese authorities cited vague “technical delays” to restrict Mongolian mining exports. Similarly, restrictions on Australian and Philippines agricultural goods were framed as regulatory inspections rather than retaliatory measures. Moreover, China often employs informal tools such as administrative delays, increased inspections, and unofficial pressures on businesses. In its 2021 dispute with Lithuania over the establishment of a Taiwanese representative office, China suspended trade flows without formal announcements and pressured multinational firms to sever ties with Lithuanian suppliers. This strategy — highly effective but difficult to contest through legal channels — highlights China’s ability to leverage its vast market informally. Notably, China’s trade sanctions also tend to be tit for tat but proportional, calibrated to maintain pressure while avoiding full-scale economic disruption. For example, during Trump’s first presidency, the 2018 trade war with China showcased a proportional use of tariffs to address perceived trade imbalances. Tariffs were imposed on $250 billion worth of Chinese imports, targeting sectors such as technology, steel, and consumer goods, while China retaliated with tariffs on $110 billion worth of US goods, focusing on agriculture and automobiles, politically sensitive goods in the US. While China’s sanctions strategy tends to be ambiguous, informal, proportional, and conditional, it is ultimately pragmatic. For instance, China has maintained robust trade relations with countries despite ongoing territorial disputes. Bilateral trade with India, for instance, reached $135 billion in 2022 despite continued tensions along the border which have since been settled this year. Trade with the US remains robust despite trade rivalry. Similarly, China remains Vietnam’s largest trading partner, even as both countries vie for contested claims in the South China Sea. The same with the Philippines although China has already warned it is running out of patience. Trade with Taiwan further underscores this dynamic. Despite Beijing’s political stance that Taiwan is a breakaway province, economic ties remain significant. In 2022, Taiwan’s exports to China accounted for 40% of its total exports, dominated by semiconductors vital to China’s technology ambitions. These cases point to the complexities of China’s trade relationships and China’s pragmatic balancing act between strategic competition and economic interdependence. The economic impact of China’s sanctions often depends on the targeted country’s reliance on Chinese markets. Smaller economies, or those with concentrated export dependencies, are more vulnerable. South Korea’s deployment of the THAAD missile defense system in 2016 led to restrictions on tourism, entertainment, and consumer goods, costing South Korea an estimated $7.5 billion over six years. However, countries capable of diversifying their trade relationships can mitigate the effects. Australia’s experience with China illustrates this point. After facing sweeping trade restrictions, Australia redirected coal exports to India and barley to the Middle East, demonstrating that sanctions can sometimes accelerate trade diversification rather than achieving their intended outcome. China’s trade sanctions must be seen within its broader foreign policy strategy, which balances punitive measures with economic incentives. Alongside sanctions, China uses tools such as favorable trade agreements, foreign direct investment (FDI), and development aid to strengthen ties with friendly states and win over rivals. The Belt and Road Initiative (BRI) exemplifies Beijing’s efforts to expand geopolitical influence through economic engagement. China’s vast outbound tourism sector has also emerged as a lever of economic diplomacy, rewarding or penalizing countries based on bilateral ties. While China’s sanctions strategy offers flexibility, it also raises concerns about international trade norms. The World Trade Organization (WTO) provides mechanisms for resolving formal trade disputes, but China’s informal measures often fall outside its regulatory framework. Japan’s 2012 WTO victory against China’s rare earth export restrictions highlighted these limitations. Although China complied with the ruling, the case underscored the challenges of addressing politically motivated trade disruptions through existing global mechanisms. This is not to say that China has completely abandoned the WTO. In fact, it recently filed in the WTO several cases against the US and EU over the imposition of tariffs on Chinese electric vehicles. In short, China’s art of the trade war seems to be a combination of discretion, informality, ambiguity, proportional escalation, conditionality, pragmatism, and reliance on global institutions as it suits its purpose. This strategy allows Beijing to exert economic pressure, provide flexibility while avoiding overt escalation. Its effectiveness will depend on the economic resilience of targeted countries, their ability to diversify trade relationships, and the broader geopolitical context. While sanctions impose costs, they also carry risks for China, including disruptions to its own supply chains and the potential for countries to deepen ties with alternative partners. On my next op-ed, I will speculate on the possible economic impacts if China imposes sweeping trade sanctions on the Philippines and when it might do so. Eduardo Araral is an associate professor at the Lee Kuan Yew School of Public Policy, National University of Singapore. This op-ed is written in his personal capacity.NEW YORK (AP) — Major League Baseball switched a pair of series involving the Tampa Bay Rays to the first two months of the season in an attempt to avoid summer rain at open-air Steinbrenner Field, their temporary home following damage to Tropicana Field. Tampa Bay is scheduled to play 19 of its first 22 games at home and 37 of 54 through May 28, then play 64 of its last 108 games on the road. The Rays are home for eight games each in July and August. A series scheduled at the Los Angeles Angels from April 7-9 will instead be played at Tampa, Florida, from April 8-10, MLB said Monday. The second series between the teams will be played at Anaheim, California, from Aug. 4-6 instead of at St. Petersburg, Florida, from Aug. 5-7. Minnesota's first series against the Rays will be played at Steinbrenner Field from May 26-28 and the Twins' second will be at Target Field in Minneapolis from July 4-6. Tampa Bay heads into the All-Star break with a 10-game trip to Minnesota, Detroit and Boston, and has a 12-game trip to the Angels, Seattle, Oakland and San Francisco from Aug. 4-17. Tropicana Field, the Rays’ home since the team started play in 1998, was heavily damaged by Hurricane Milton on Oct. 9 , with most of its fabric roof shredded. The Rays cannot return to the Trop until 2026 at the earliest, if at all. Tampa's average monthly rainfall from 1991 to 2020 was 2.25 inches in April and 2.60 in May , according to the National Weather Service, then rose to 7.37 in June , 7.75 in July and 9.03 in August before falling to 6.09 in September . The Class A Tampa Tarpons, the usual team at Steinbrenner Field, had six home postponements, two cancellations and four suspended games this year from June 21 through their season finale on Sept. 8. The Rays are now scheduled to play their first six games at home against Colorado and Pittsburgh, go to Texas for a three-game series, then return for a 13-game homestand against the Angels, Atlanta, Boston and the New York Yankees. The Tarpons will play their home games on a back field. AP MLB: https://apnews.com/
