Tweet Facebook Mail More than 17,000 childcare workers will take home more pay this week after the government's 15 per cent wage increase. Workers at more than 650 Goodstart centres across Australia are among the first to benefit, with pay rises of 10 per cent above the award rate beginning this week, followed by a further five per cent increase in December next year. This means a typical early childhood carer or educator who is paid at the award rate will receive a pay rise of at least $103 per week, increasing to at least $155 per week from December 2025. READ MORE: Millions brace for scorching heat with mercury tipped to hit 40s A typical early childhood carer or educator who is paid at the award rate will receive a pay rise of at least $103 per week, increasing to at least $155 per week from December 2025. (iStock) A typical early childhood teacher will get an additional $166 a week from December this year, increasing to $249 from December of next year. The 15 per cent wage rise is available to up to 200,000 early childhood workers across the country. Eligibility for the it is tied to a requirement for services to limit fee increases, to stop them passing the costs on to families. Early learning providers can now apply for funding to deliver the pay rise online , with successful applications up until June 30 next year to receive funding backdated to December 2 this year. READ MORE: Little girl floats alone for three days after shipwreck The 10 most in-demand jobs for 2025 View Gallery Education Minister Jason Clare said early childhood educators were some of the most underpaid workers in Australia. "We are changing that, and this initial pay rise will mean an extra $100 in their before tax pay every week from this month," he said. "It will help to encourage more people to stay in the job they love, and for those who may have recently left the sector, it will help attract them back." DOWNLOAD THE 9NEWS APP : Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play .Lawyer says ex-Temple basketball standout Hysier Miller met with NCAA for hours amid gambling probe
US budget airlines are struggling. Will pursuing premium passengers solve their problems? DALLAS (AP) — Delta and United Airlines have become the most profitable U.S. airlines by targeting premium customers while also winning a significant share of budget travelers. That is squeezing smaller low-fare carriers like Spirit Airlines, which filed for bankruptcy protection on Monday. Some travel industry experts think Spirit’s troubles indicate less-wealthy passengers will have fewer choices and higher prices. Other discount airlines are on better financial footing but also are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic. Most industry experts think Frontier and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks, and that there's still plenty of competition to prevent prices from spiking. Bitcoin ticks closer to $100,000 in extended surge following US elections NEW YORK (AP) — Bitcoin is jumping again, setting another new high above $99,000 overnight. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly.” Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks. Australia rejects Elon Musk's claim that it plans to control access to the internet MELBOURNE, Australia (AP) — An Australian Cabinet minister has rejected X Corp. owner Elon Musk’s allegation that the government intends to control all Australians' access to the internet through legislation that would ban young children from social media. Treasurer Jim Chalmers said on Friday that Musk’s criticism was “unsurprising” after the government introduced legislation to Parliament that would fine platforms including X up to $133 million for allowing children under 16 to hold social media accounts. The spat continues months of open hostility between the Australian government and the tech billionaire over regulators’ efforts to reduce public harm from social media. Parliament could pass the legislation as soon as next week. Oil company Phillips 66 faces federal charges related to alleged Clean Water Act violations LOS ANGELES (AP) — Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California. The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease. The U.S. Department of Justice announced the indictment on Thursday. Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. An arraignment date has not been set. A spokesperson for the company said it was cooperating with prosecutors. US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple’s iPhone and other devices. What you need to know about the proposed measures designed to curb Google's search monopoly U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled that Google maintained an illegal monopoly. The sweeping set of recommendations filed late Wednesday could radically alter Google’s business. Regulators want Google to sell off its industry-leading Chrome web browser. They outlined a range of behavioral measures such as prohibiting Google from using search results to favor its own services such as YouTube, and forcing it to license search index data to its rivals. They're not going as far as to demand Google spin off Android, but are leaving that door open if the remedies don't work. Stock market today: Wall Street gains ground as it heads for a winning week Stocks gained ground on Wall Street, keeping the market on track for its fifth gain in a row. The S&P 500 was up 0.3% in afternoon trading Friday. The Dow Jones Industrial Average climbed 352 points and the Nasdaq composite rose 0.1%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts' estimates. EchoStar fell after DirecTV called of its purchase of that company's Dish Network unit. European markets were mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. Apple and Google face UK investigation into mobile browser dominance LONDON (AP) — A British watchdog says Apple and Google aren't giving consumers a genuine choice of mobile web browsers. The watchdog's report Friday recommends they face an investigation under new U.K. digital rules taking effect next year. The Competition and Markets Authority took aim at Apple, saying the iPhone maker’s tactics hold back innovation by stopping rivals from giving users new features like faster webpage loading. The CMA’s report also found that Apple and Google manipulate the choices given to mobile phone users to make their own browsers “the clearest or easiest option.” Apple said it disagreed with the findings. German auto supplier Bosch to cut 5,500 jobs in further sign of carmakers' woes FRANKFURT, Germany (AP) — Germany's technology and services company Bosch is cutting its automotive division workforce by as many as 5,500 jobs in the next several years, in another sign of the headwinds hitting the German and global auto industries. The company cited stagnating global auto sales, too much factory capacity in the auto industry compared to sales prospects and a slower than expected transition to electric-powered, software-controlled vehicles. Some 3,500 of the job reductions would come before the end of 2027 and would hit the part of the company that develops driver assistance and automated driving technologies. About half those job reductions would be at locations in Germany. At least 15 people are sick in Minnesota from ground beef tied to E. coli recall U.S. health officials say at least 15 people in Minnesota have been sickened by E. coli poisoning tied to a national recall of more than 160,000 pounds of potentially tainted ground beef. Detroit-based Wolverine Packing Co. recalled the meat this week after Minnesota state agriculture officials reported multiple illnesses and found that a sample of the product tested positive for E. coli O157:H7, which can cause life-threatening infections. Symptoms of E. coli poisoning include fever, vomiting, diarrhea and signs of dehydration.
The largest intergenerational wealth transfer in US history is about to take place — though the vast majority of Americans are unlikely to inherit much money at all. About $US105 trillion ($164 trillion) is projected to be passed down from older generations over the next quarter century, according to research firm Cerulli Associates, an amount roughly equal to global gross domestic product in 2023. Rising stock markets and home prices, as well as inflation, have fattened the estates that members of the baby boom generation are expected to leave their heirs. Credit: Glenn Hunt Rising stock markets and home prices, as well as inflation, have fattened the estates that members of the baby boom generation, born between 1946 and 1964, are expected to leave their heirs. The latest inheritance projection by Cerulli is 45 per cent higher than the 25-year forecast the firm made only three years ago. US gifts and inheritances are expected to total $US2.5 trillion next year alone. “About 80 per cent of the wealth held today is going to be in motion,” Chayce Horton, the lead author of the Cerulli report, said in an interview. “The ratio of wealth expected to be changing hands in the next 25 years is significant, and much greater than what we even saw a decade ago.” Yet even as the assets of millions of ageing Americans are passed on, the share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households. At the same time, money passed down from one generation to another accounts for a growing share of the overall wealth of heirs, rising relative to income from work or investments. Inherited money represented about a quarter of the net worth of households that received it, a Bloomberg analysis of the Federal Reserve’s 2022 Survey of Consumer Finances found, up from roughly 10 per cent in the late 1990s. “We’re becoming less of an economy that promotes entrepreneurship and production and more of an economy focused on inheritance and dynasty,” said Chuck Collins, Director of the Program on Inequality and the Common Good at the Institute for Policy Studies. Collins, whose great-grandfather founded the hot dog and lunchmeat maker Oscar Mayer, gave up his inheritance when he was in his twenties. He is now a member of the Patriotic Millionaires, a nonprofit group of affluent Americans that pushes for the wealthy to pay higher tax rates. Receiving any funds from a deceased family member remains the exception in the US, not the rule. Just one in five American households have received a substantial gift, trust or inheritance in recent decades, according to Bloomberg’s analysis. Inherited wealth is expected to become increasingly concentrated among the most affluent, according to Cerulli. The firm estimates that more than half of the wealth transferred between generations through 2048 will come from households with at least $US5 million in investible assets. Only about 2 per cent of US households meet that threshold. The share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households. Credit: Bloomberg The figures lend support to an idea that has long had currency among economists but that has been difficult to confirm — that the share of overall wealth derived from inheritance is far higher than it appears. A 2017 paper argued that inherited money had accounted for more than half of total wealth in the US and Europe since the 1990s, and that “self-reported inheritance flows are implausibly low.” “Inheritance is still the most important factor in terms of wealth concentration,” said Kaushik Basu, professor of economics at Cornell University and former chief economist at the World Bank. The trillions of dollars set to be passed on in coming years could create more social mobility for younger generations, even though its greater concentration among the wealthiest Americans is likely to create more obstacles for lower-income households and exacerbate inequality. “Markets may still flourish, and overall economic growth may continue, but the polarisation between the born-poor and born-rich will become more acute,” Basu said. He added that many of the economic advantages of family wealth are conferred indirectly, through access to education and other opportunities. As more members of the massive baby boom generation die, the annual rate at which wealth is being passed on is expected to increase until the end of the decade. Millennials, born between 1981 and 1996, are expected to inherit more than $US45 trillion by 2048, including some $US3.9 trillion that year alone. Generation X, sandwiched between the baby boomers and millennials, will see their annual inheritance levels peak in 2038 at just shy of $US2 trillion, according to Cerulli. ‘Markets may still flourish, and overall economic growth may continue, but the polarisation between the born-poor and born-rich will become more acute.’ Wealth isn’t only cascading down to younger generations, it also is moving sideways. Before reaching younger heirs, inheritances are often transferred to surviving spouses and partners. Since women tend to outlive men, they are expected to receive a large share of the fortunes being passed on. “A significant amount of the wealth that is held today is believed to be controlled by men,” said Cerulli’s Horton. As those men die, “we expect that wealth to be much more equitably distributed on a gender basis.” Cerulli estimates that women will inherit nearly half of the total projected value of inheritances over the next 25 years. US tax policy has made it easier for wealthy heirs to hang on to more of the money they inherit. President-elect Donald Trump wants to extend part of his 2017 tax-cut package that doubled the estate-tax exemption from $US5.49 million to $US11.18 million. For many older Americans, money handed down from previous generations has shaped their own planning. Alan Jewett, a 75-year-old retiree in Delaware, and his wife received an inheritance of nearly $US3 million from her childless aunts in 2014, after the couple had already put both their children through college and bought a home. “Having money changes the way you look at things in the sense that it gives you and your family a feeling of security,” Jewett said. He and his wife gave part of the inheritance to their kids and set up an irrevocable trust for their three young grandchildren. Some heirs say they have used inherited money to prepare for their own health and elder-care expenses. Lee Robin Gebhardt, a 63-year-old wine seller living in Putnam County, New York, said she invested a $US150,000 retirement account that she received from her father, who died in 2020, in her long-term care. Gebhardt, who plans to work for at least another two years, has enough money put away to last her until she’s 110. “That will take some pressure off my children,” she said. Other relatively wealthy baby boomers have decided to pass on some of their wealth while they’re still able to see its effects for themselves. “I’ve seen an increasing focus on ‘giving while living,’ where people provide for their family’s needs during their lifetime,” said Jared Jones, senior advisor at Omega Wealth Management. “There’s definitely a big focus on not waiting until one passes away to help and witness the benefits of the wealth from the family.” Bloomberg The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning .
Article content The hardest movie ticket to get this weekend was for a film audiences have been able to watch at home for years: Christopher Nolan’s “Interstellar.” The science fiction epic starring Matthew McConaughey and Anne Hathaway earned $4.5 million from only 166 screens in the U.S. and Canada. Its 70mm IMAX film presentations sold out in minutes, leaving theatres scrambling to add more and people paying up to $300 on the re-sale market. Those 10 film screens alone had a staggering $70,000 per theatre average, one of the highest of the year and usually the bragging rights of acclaimed arthouse movies playing on only four screens. Ten years after “Interstellar” was given a film release as a special exception at time when its studio, Paramount, was committing to a digital future, film is not only back but driving audiences to theatres. “I was just so gratified by the response,” Nolan said in an exclusive interview with The Associated Press. “It’s really thrilling when people respond to your work at any point. But 10 years later, to have new audiences coming and experiencing it in the way that we’d originally intended it on the big IMAX screens and in particular on those IMAX film prints? It’s really rewarding to see that it continues to have a life.” How Nolan fought for film and the re-release “Interstellar” had been a labor of love, with Nolan fighting against the tides of a changing industry to use film, certain of its value. Like McConaughey’s Cooper, an astronaut clinging to skills that were all but obsolete in his dust bowl reality, “Interstellar” was made by a celluloid-loving filmmaker when the format was least valued. “Celluloid film was very threatened. Digital was taking over everything,” Nolan said. “We put an enormous amount of work and effort into the IMAX 70mm film format release at the time feeling like we didn’t know how much longer we’d be able to do that.” During its time, “Interstellar” was received warmly and an unambiguous success, but it also had its detractors. Its five Oscar nominations and win were all for crafts. And yet in the decade since, “Interstellar” has become beloved, a true classic. Nolan observed that it was the film that people kept wanting to talk about, telling him what it meant to them and asking if it was ever going to be re-released. Those grand emotions and sentimental themes of love, family and exploration that were a liability with some are now its most cherished qualities. “A lot of these people were younger people who, it was clear to me, had seen the film in the home and hadn’t had the chance to see it on the big screen,” Nolan said. While there have been “Interstellar” rereleases internationally, in China and at the Science Museum in London, Nolan saw an opportunity and spoke to IMAX and Paramount, now under a new regime, about a proper North American re-release for its 10th anniversary. The prints, Nolan said, hadn’t aged a day. IMAX hardly needed convincing: They’ve had the anniversary date circled on the calendar. For years, “Interstellar” was by far the biggest request on their social channels. “We saw this coming from the beginning,” IMAX CEO Rich Gelfond said. “It reminded us in a small way of the frenzy around ‘Oppenheimer.’ But the result is far beyond our expectations.” “Interstellar” is now the ninth highest-grossing IMAX release of all time and is closing in on eight (currently occupied by “The Last Jedi.”) The company is currently exploring options for re-releases in different territories. What should Hollywood learn from the weekend? The “Oppenheimer” effect was real in redeeming film’s value for the business. IMAX screens accounted for some 20% of the nearly $1 billion this year’s Oscar best picture winner made globally (it ranks at No. 5 for IMAX). While filmmakers have long cherished film stock, “Oppenheimer” had studios, distributors and theatres taking note of the demand. Earlier this year the film showings of “Dune: Part Two” were sold out for four weeks. And there’s more to come: Ryan Coogler’s new film “Sinners,” opening in March 2025, was shot with IMAX cameras. The “Interstellar” release was fairly “low key” when it came to promotion, but it also didn’t need much — fans made sure of that. Before IMAX had even announced that tickets were on sale, some noticed that AMC had made them available. News spread on socials and overnight every 70mm IMAX showing at the Lincoln Square location in New York had sold out. It wasn’t just the “primetime” slots either: The 1 AM showtimes were at capacity too. After the weekend’s turnout surpassed expectations, they added more 70mm IMAX screenings through the week which also filled up quickly. While Nolan is in some ways an anomaly, as the rare filmmaker whose name alone can draw crowds for original fare, there are lessons to be learned from the weekend. “It just shows our industry once again that audiences truly understand the difference between a communal, big screen theatrical experience that they crave even on films that they’ve had the opportunities to see in the home,” Nolan said. “That theatrical experience that we all know and love is so powerful and so exciting. It’s a very clear demonstration of it, especially coming amidst all the great successes right now, “Wicked,””Gladiator II,””Moana 2.” “Audiences are coming out in droves for that experience that we all love so much.” Dreaming big for the future and appreciating the past Before the weekend, Nolan was able to see the film again on the big screen for the first time since the original release, accompanied by his Oscar-winning “Oppenheimer” cinematographer Hoyte van Hoytema. “Interstellar” was their first collaboration and Hoytema’s introduction to IMAX cameras (where he proved that they could be handheld if you tried hard enough). “It was really, really fun,” Nolan said. He also approved the new 4K UHD “Interstellar” set that’s now available. Since “Oppenheimer’s” big night at the Oscars and Nolan’s best director win, there’s been much speculation about his next film with near daily rumors circulating about casting and genre, none of which have been officially confirmed. It’s not something he’s speaking publicly about yet. One thing he will say, however, is that he’s in the throes of intensive testing for a new film technology with IMAX to use in the next production. “They have an incredible engineering staff, really brilliant minds doing extraordinary work,” he said. “It’s wonderful to see innovation in the celluloid film arena still happening and happening at the highest level possible.” And he’s still making time to go to the movies Over the weekend, Nolan went to see “Wicked” at a theatre in Burbank where he also peeked into one of the IMAX presentations of his film. “It was pretty magical to see a full house on that film,” he said. “It was a very special thing to see, 10 years later.”Apple's iPad 10th-Gen is $70 off at Walmart ahead of the holiday shopping rush
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Stocks rose in afternoon trading on Wall Street Friday, keeping the market on track for its fifth gain in a row. The S&P 500 was up 0.3% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 352 points, or 0.8%, and the Nasdaq composite rose 0.1% as of 2:05 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year. EchoStar fell 3.3% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.7%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets were mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.40% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.
Memorial to Victims of Communism finally unveiled, but controversy lingers
6 Dieng: Will be disappointed with Burnley goal when he was caught off his line but dealt with some tough crosses well in second half. 8 Dijksteel: Huge show of faith from Carrick in such a big game and how the right-back delivered. Scored opening goal and defended superbly throughout. 7 Edmundson: Dealt well with the conditions and Burnley attack. Serenaded by the Boro fans at full-time. 8 Fry: Making just his second start after a 10-month lay-off, Fry was immense. Brave and brilliant defensive show. Showed what Boro have been missing while he was out injured. 7 Borges: Solid defensively and created good second half chance for 7 Hackney: Sloppy at times in first half and let Roberts run off him for goal. Better after the break and sprayed passes about. 8 Barlaser: Another mature midfield display. Taking his chance in absence of Morris. Superb pass for Dijksteel goal and almost had second assist with cross for Edmundson chance. 7 Doak: Close to an excellent first half goal. Had his moments in the second half but couldn’t force winner. 7 Azaz: Quiet in the first half but still worked hard and supported midfield. Influence grew after the break. 6 Burgzorg: Missed a big chance in the second half when he was picked out by Borges. 6 Conway: Difficult night for the striker. Didn’t have much to feed off in the first half. Much more involved in the second half. One striker comfortably saved by Trafford. Substitutes: Latte Lath (Conway, 71): N/A McGree (for Burgzorg, 77): N/A Jones (for Doak, 89): N/A Subs not used : Brynn, Clarke, Ayling, Gilbert, Howson, McCormick Burnley: Trafford 7, Roberts 7, Esteve 6, Egan 6 (Pires, 74) Humpheys 6, Cullen 6, Brownhill 6, Anthony 6, Sarmiento 6 (Hannibal, 61), Koleosho 6 (Laurent, 74), Rodriguez 6 (Flemming, 61) Subs not used : Hladky, Worrall, Massengo, Hountondji, Ekdal Man of the Match: Dijksteel. Harsh on Fry, but the goal swung the Man of the Match in Dijksteel's favour. Both defenders have endured some frustrating times - with Fry injured and Dijksteel a fringe player for long stages - but were outstanding at Turf Moor.
At the Port of Vancouver’s operations centre, Sean Baxter likes what he sees on a large screen that displays digital mapping of ships along Burrard Inlet. The waters in the inner harbour near downtown Vancouver are calm on this overcast autumn day, with vessels entering and exiting smoothly. “The waterways in the port are becoming busier,” said Mr. Baxter, acting director of marine operations and harbour master at the Vancouver Fraser Port Authority, which oversees Canada’s largest port. “Co-ordination is really required to make sure that we can proactively set a schedule.” Scheduling transpacific commerce is becoming increasingly important, especially during a period of trade uncertainty when U.S. president-elect Donald Trump has announced plans to impose 25-per-cent tariffs on all goods from Canada and Mexico entering the United States. Over the past year, the Port of Vancouver has been stepping up efforts to shed its laggard image and become a world-class operation. The goal is to help fulfill the Canadian government’s Indo-Pacific economic dreams and position Canada as the gateway to greater transpacific trade over the long term, even as political tensions with China and India escalate in the short term. While Canada’s largest trade relationship overall is with the U.S. by far, China is the number one trading partner for goods handled at the Port of Vancouver. From the port’s operations centre, which is open 24/7, an active traffic management project that includes digital monitoring of marine activity is gearing up for what the port forecasts will be record-high shipments across the Pacific Ocean in the years ahead. Along Burrard Inlet, the port has 23 major terminals. Cargo imports and exports also move from areas nearby, including terminals in Delta, B.C., located about 30 kilometres south of Vancouver. The port recently expanded its scheduling system for keeping tabs on marine traffic, part of efforts to prevent the sprawling operations from being mired in inefficiency. The stakes are high, with trade at West Coast ports being a crucial part of the economic health of British Columbia and with the ripple effects felt across Canada. Various types of international trade, including at Canadian ports and along the Windsor-Detroit trucking corridor, represent two-thirds of Canada’s gross domestic product. Exports alone support about one in six Canadian jobs, according to Mary Ng, the federal Minister of Export Promotion, International Trade and Economic Development. Mr. Trump said he would slap U.S. tariffs on all goods imported from Canada and Mexico soon after he takes office in January, warning that the levies would stay in place until the two countries crack down on drugs and illegal immigrants. He telegraphed his intentions during the U.S. election campaign, but trade experts originally thought the tariffs would be closer to 10 per cent instead of his announcement that proposes 25 per cent. “The recent election of Donald Trump, the prospect of substantial new tariffs and an ‘America First’ attitude will bring added risk and headwinds to our economy,” Greater Vancouver Board of Trade president Bridgitte Anderson cautioned in a letter, dated Nov. 7, to federal Labour Minister Steven MacKinnon. The board of trade’s “port shutdown calculator” displays an electronic tally of the value of trade disrupted on the West Coast, rising each second whenever there is a strike or lockout. The calculator showed that $8-billion of cargo had been affected at B.C. ports during a 10-day lockout in November of about 730 unionized dock supervisors, based on an estimated impact of $800-million a day. During last year’s two-week strike at B.C. ports by 7,400 rank-and-file longshore workers, the calculator showed that $10.7-billion of cargo had been disrupted. “Unfortunately, in recent years, we have been challenged in various ways to live up to that beacon of stability,” Ms. Anderson said. Mr. MacKinnon issued a directive to impose binding arbitration to end the lockout at B.C. ports and at the Port of Montreal. He used the same method to end work stoppages that lasted several days at Canada’s two largest railways in August. The BC Maritime Employers Association represents DP World Canada and 48 other private-sector companies such as ship owners and terminal operators. Union leaders say they are concerned about the lack of consultation over the implementation of semi-automation at DP World Canada’s Centerm container terminal along Burrard Inlet. Earlier this year, the federal government appointed veteran mediator Vince Ready to head an industrial inquiry commission into conflicts at B.C. ports. Mr. Ready is chairing the two-person commission, with the other member being Vancouver lawyer Amanda Rogers. They will be making recommendations in the spring of 2025 for achieving stability at B.C. ports. The Port of Vancouver’s diversification softened the blow of the economic impact of the November lockout, which shut down sites such as container terminals and potash docks. Exports of coal, heavy oil and bulk grain continued. Bulk grain was still exported overseas, in accordance with the Canada Labour Code. Under the code, grain is deemed essential and must be loaded on ships through stevedoring companies at the docks, although the rule doesn’t apply to workers at grain terminals. About 650 unionized employees at Vancouver grain terminals went on strike for four days in September. A coal export facility, operated by Westshore Terminals Investment Corp. in Delta, kept running during the lockout in November because Westshore has its own collective agreement. Other sites that continued operating included the Westridge Marine Terminal, where tankers depart with heavy oil from the Trans Mountain Expansion Project (TMX). The first shipment of diluted bitumen from the TMX pipeline left Westridge on May 22 for its journey to China. In six months since that first shipment, an average of 22 tankers per month departed Westridge with heavy oil from TMX, compared with an average of two per month in recent years, before the completion of the expanded pipeline. Last year, more than 150 million tonnes of exported and imported cargo went through the Port of Vancouver, equivalent to the next five largest ports in Canada. China, South Korea, the U.S., Japan and Taiwan were the top five countries sending products imported by Canada into the Vancouver region, based on tonnage. On the export side, the top five countries receiving Canadian goods originating from the Vancouver region were China, Japan, South Korea, India and the U.S. “Despite ongoing economic and diplomatic challenges, it is worth noting that bilateral trade flows remain near record levels” between Canada and China, according to the University of Alberta’s China Institute think tank. The Port of Vancouver handles nearly 80 per cent of Canada-China trade value. The value of merchandise from China imported into Canada surged to $89.2-billion last year, or nearly eight times higher than in 2000, according to Statistics Canada. On the export side, the value of exports from Canada to China soared to $29.8-billion last year, or nine times higher than in 2000. “The Asia-Pacific market is potentially the biggest growth market for Canada and its world trade,” said Leo Ryan, editor of trade publication Maritime Magazine. Commodities such as potash, coal and grain fill ships destined for export to Asia, while imports such as consumer electronics and household goods arrive at container terminals. “How we prioritize and protect our critical trade infrastructure – that has an impact on the health of our economy, opportunities for our businesses and ultimately Canadians’ quality of life,” said Pascal Chan, senior director of transportation at the Canadian Chamber of Commerce. The federal government established the National Supply Chain Office in late 2023, with a mandate that involves co-ordinating responses to mitigate the impact of disruptions to the transportation system, whether they be work stoppages or natural disasters. Nationally, over the past two years alone, a series of work stoppages have hit Canada’s supply chain, including last year at the St. Lawrence Seaway and this year at the Port of Montreal and four B.C. ports: Vancouver region, Prince Rupert, Nanaimo and Port Alberni. Last year, Conservative Leader Pierre Poilievre claimed that Prime Minister Justin Trudeau’s Liberal government has fumbled the port file. “We’ve got to speed up our ports as well, unleash our exports by making our ports easier to deal with – more friendly to the truckers who pick up and drop off our goods, remove the gatekeepers and let’s make Vancouver one of the best ports on planet Earth,” Mr. Poilievre said. With larger vessels calling at terminals, it takes longer to unload imported products and load commodities for export, adding to turnaround times that already have given the Port of Vancouver the dubious distinction of being one of the world’s most inefficient for container shipments. The Container Port Performance Index for 2021 , compiled by the World Bank and S&P Global Market Intelligence, served as a wake-up call. The administrative index placed Vancouver in 368th spot, or third-last in the rankings, which factor in operating efficiency and turnaround times. Long Beach, Calif., placed second-last and Los Angeles was at the bottom. Vancouver improved in the rankings for 2023, placing 356th out of the expanded list of 405 ports reviewed. In those rankings, Vancouver finished behind Mexico’s Port of Manzanillo’s 331st spot, but ahead of other North American West Coast ports: Seattle, Long Beach, Los Angeles, Oakland, Calif., Prince Rupert, B.C., and Tacoma, Wash. China’s Port of Yangshan, near Shanghai, topped the container index rankings of the most efficient ports last year, followed by Salalah in Oman and Cartagena in Colombia. Vancouver Fraser Port Authority officials say the index is a narrow measure that is flawed because it fixates on container shipments. They emphasize that the Port of Vancouver is a diversified operation that handles cargo such as auto imports and bulk grain exports, while also serving as a popular destination for cruise ships. The port authority is a federal agency that reports to Transport Minister Anita Anand. Daniel-Robert Gooch, president of the 17-member Association of Canadian Port Authorities, said one area that Ottawa needs to revisit is financing. Port authorities across the country want greater financial flexibility so they can make much-needed investments themselves, as well as count on Ottawa to pitch in. “We do think there is still a federal role for infrastructure funding,” Mr. Gooch said. “You need to give the port authorities the tools to be nimbler.” Union leaders have seen how lucrative that the global shipping industry can be, especially for transporting containers. Drewry Shipping Consultants Ltd.’s World Container Index – the freight rate of a 40-foot container – peaked at US$10,377 in September, 2021, during the second year of the COVID-19 pandemic. Freight rates have been volatile since then. With global demand faltering, Drewry’s index fell to less than US$1,500 in December, 2023, but recovered this year to hover around US$3,400 recently. Prices typically floated between US$1,200 and US$2,000 for several years prior to the pandemic. The shipping industry deploys large vessels to carry containers, which are reusable steel boxes measured as 20-foot equivalent units, or TEUs. Nearly 1.8 million TEUs of exports and imports went through the Port of Vancouver in the first half of this year, up 14 per cent from the same period in 2023. Leaders at the Vancouver Fraser Port Authority acknowledge the obstacles, including labour strife, but they see opportunities through changes big and small. Peter Xotta, who became the port authority’s president in December, 2023, said incremental improvements will help speed up operations. For example, expanding existing rail yards at the Annacis Auto Terminal will boost the capacity for importing Asian-manufactured vehicles. Road and rail infrastructure changes in the Vancouver suburb of Burnaby are expected to improve trade flows near Burrard Inlet. Mr. Xotta replaced Robin Silvester, who stepped down from the port’s top job in June, 2023, after more than 14 years at the helm. Victor Pang, who is the port authority’s chief financial officer, filled in on an interim basis for five months as president. For imports at the Port of Vancouver, the overwhelming majority of goods in containers from Asia are transported by truck and train eastward and stay in Canada, including shipments to Toronto and Montreal. “Our role is unique in a Canadian context,” Mr. Xotta said. “Vancouver plays a prominent role for containers coming inbound. They’re going to where the major population centres are in Canada.” One of the tenants in Delta is coal exporter Westshore, whose largest shareholder is B.C. billionaire Jim Pattison, with a 47-per-cent stake. Westshore is constructing new facilities to allow the company to start handling potash exports in 2026 from BHP Group Ltd.’s Jansen mine in Saskatchewan. The big bet being placed by Mr. Xotta is the port’s container expansion strategy, which focuses on the $3.5-billion Roberts Bank Terminal 2 project near Delta. The project, which is subject to 370 legally binding conditions to comply with environmental rules, received approval last year from the federal and B.C. governments. Environmentalists warn that the new container terminal would threaten intertidal biofilm, affecting shorebirds such as western sandpipers, and harming feeding conditions for endangered southern resident killer whales. Ecojustice Canada, the country’s largest environmental law charity, is opposing Terminal 2 in Federal Court. Construction of an artificial island near Delta will be required for Terminal 2. The initial phase is slated for completion by the mid-2030s, followed by incremental expansion as required to take advantage of what the port envisages will be robust trade between Canada and Asia. The port authority has reached mutual benefit agreements with 27 Indigenous groups consenting to the new site. Upon completion, the additional container capacity could mean a jump of more than 30 per cent compared with the current combined capacity in B.C. Under Mr. Xotta’s new leadership, the port authority has taken a conciliatory approach as the landlord to tenants such as Global Container Terminals Inc. GCT already operates two container terminals in the Vancouver region, namely the Vanterm site along Burrard Inlet and the Deltaport facility in Delta. Mr. Xotta has opened up the competition for the right to run the new container terminal so that Vancouver-based GCT and DP World Canada, whose parent is based in Dubai, are welcome to bid. The Port of Vancouver, which handles one-third of Canada’s trade value with countries outside of North America, expects to weather the looming storm of U.S. tariffs and position itself to thrive in the long term. “It’s absolutely an aspiration for us to be a world-class port,” Mr. Xotta said. “We have to get away from disruption, back to stability, because that’s what will help us restore our reputation and continue to grow.”NEW YORK (AP) — Free agent pitchers Luis Gabriel Moreno and Alejandro Crisostomo were suspended for 80 games each by Major League Baseball on Friday following positive tests for performance-enhancing substances under the minor league drug program. Moreno tested positive for Nandrolone, and Crisostomo tested positive for Boldenone and Nandrolone, the commissioner’s office said.
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NEW YORK (AP) — Free agent pitchers Luis Gabriel Moreno and Alejandro Crisostomo were suspended for 80 games each by Major League Baseball on Friday following positive tests for performance-enhancing substances under the minor league drug program. Moreno tested positive for Nandrolone, and Crisostomo tested positive for Boldenone and Nandrolone, the commissioner’s office said. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Global Cognitive Diagnostics Market: Key Trends, Market Share, Growth Drivers, And Forecast For 2024-2033
Canadian Pacific Kansas City Ltd. stock falls Friday, underperforms market
Ian Garry's stock rises in defeat after pushing UFC star all the way in Las VegasDisagreement between the U.S. and China is increasing across trade and global influence issues. Reports from the recent Asian economic summit show a bitterness in it. Established economies like the U.S. and Australia want to develop a naval base in Papua New Guinea to contain China. The U.S. is cautioning poorer countries from borrowing money from China. Excerpts below from a BBC report show the deep levels of enmity. Apec summit ends without statement over US-China division - BBC News An Asian economic summit has ended without a formal leaders' statement for the first time because of US-China divisions over trade. The US and China revealed competing visions for the region at the summit. The two countries have been engaged in a tit-for-tat trade war this year. During the summit, the US said it would join Australia in developing a naval base in Papua New Guinea, in an apparent move to curb China's growing influence. Mr Pence later said he was prepared to "more than double" the tariffs imposed on Chinese goods. He also criticised China's massive Belt-and-Road infrastructure programme, warning smaller countries that "opaque" Chinese development loans led to "staggering debt". He urged countries to work with the US instead, saying the US did not "coerce, corrupt or compromise your independence". Old economies are never pleased to see emerging economies that are more flexible, energetic, and pro-active in creating new trade models. The Belt and Road Initiative is a development strategy adopted by the Chinese government involving infrastructure development and investments in Silk Road countries in Europe, Asia, and Africa on both overland and sea routes. Building infrastructure in these countries is a much sounder economic model than locating mobile multi-national enterprises or military bases or occupation. The downside is that it can involve incurring substantial debt which eventually requires getting a countrys finances into better shape to afford repayments in order to own the assets. Beijings multi-billions dollar Belt and Road Initiative (BRI) has been called a Chinese Marshall Plan, a state-backed campaign for global dominance, a stimulus package for a slowing economy, and a massive marketing campaign for something that was already happening Chinese investment around the world. Between 2014 and 2016, China's total trade volume in the countries along the Belt and Road exceeded $3 trillion, created $1.1 billion revenues, and 180,000 jobs for the countries involved. Is the U.S. losing ground to China? Should countries refrain from borrowing from China? What are the implications for Europe of a prosperous Silk Road economy? The Silk Road really is an attempt to extend Chinese soft power utilising exactly the same free market principles much espoused by the west for much of the last two centuries. Building a base in Papua New Guinea, which I believe is somewhat North of Australia, seems to be out of the strategic plan of drawing new lines further and further back and issuing dire warnings if China dare cross that new line. It was hugely funny watching the Americans in particular warning of China's attempted influence in the South China Sea. The irony was magnificent. It was the equivalent of the Chinese or Russians warning of increased American naval activity off Hawaii. To answer the question- the new Silk Road plans are a solid indicator that Beijing understands exactly what Washington was preaching through World Trade Organisation talks for many decades middleground said: Disagreement between the U.S. and China is increasing across trade and global influence issues. Reports from the recent Asian economic summit show a bitterness in it. Established economies like the U.S. and Australia want to develop a naval base in Papua New Guinea to contain China. The U.S. is cautioning poorer countries from borrowing money from China. Excerpts below from a BBC report show the deep levels of enmity. Apec summit ends without statement over US-China division - BBC News An Asian economic summit has ended without a formal leaders' statement for the first time because of US-China divisions over trade. The US and China revealed competing visions for the region at the summit. The two countries have been engaged in a tit-for-tat trade war this year. During the summit, the US said it would join Australia in developing a naval base in Papua New Guinea, in an apparent move to curb China's growing influence. Mr Pence later said he was prepared to "more than double" the tariffs imposed on Chinese goods. He also criticised China's massive Belt-and-Road infrastructure programme, warning smaller countries that "opaque" Chinese development loans led to "staggering debt". He urged countries to work with the US instead, saying the US did not "coerce, corrupt or compromise your independence". Old economies are never pleased to see emerging economies that are more flexible, energetic, and pro-active in creating new trade models. The Belt and Road Initiative is a development strategy adopted by the Chinese government involving infrastructure development and investments in Silk Road countries in Europe, Asia, and Africa on both overland and sea routes. Building infrastructure in these countries is a much sounder economic model than locating mobile multi-national enterprises or military bases or occupation. The downside is that it can involve incurring substantial debt which eventually requires getting a country’s finances into better shape to afford repayments in order to own the assets. Beijing’s multi-billions dollar Belt and Road Initiative (BRI) has been called a Chinese Marshall Plan, a state-backed campaign for global dominance, a stimulus package for a slowing economy, and a massive marketing campaign for something that was already happening – Chinese investment around the world. Between 2014 and 2016, China's total trade volume in the countries along the Belt and Road exceeded $3 trillion, created $1.1 billion revenues, and 180,000 jobs for the countries involved. Is the U.S. losing ground to China? Should countries refrain from borrowing from China? What are the implications for Europe of a prosperous Silk Road economy? Click to expand... There are two types of people those who have money and those who don't. Guess who always comes out on top. Lumpy Talbot said: To answer the question- the new Silk Road plans are a solid indicator that Beijing understands exactly what Washington was preaching through World Trade Organisation talks for many decades Click to expand... Agree China has learned well and are developing quickly and quietly. There should be export opportunities for many European countries if their enterprises are willing to do the work required to develop new markets. A strong Asian-European gateway would be welcome. Is there any region that the US hasn't insulted or attacked recently (apart from Saudi Arabia)? Thinking further on the dynamics of the new Silk Road policy it certainly makes sense from the Chinese point of view. The outlay and scope of the project matches a series of Trade Agreements, with such huge amounts of Chinese infrastructure investment they get to influence the voting patterns at the UN with many countries along the route while simultaneously the US is retracting its spend outside the US and becoming more internally focused (the Chinese have the money to spend, the US doesn't). It is clever in that it is a mix of Monopoly and Risk at exactly the right time. If you think back to Reagan's supercharging the US economy in the 80s which effectively drove the Soviet Union into financial collapse the Americans are in no position to get into an economic pissing match with Beijing so it is the right thing for Beijing to do in filling the international vacuum. They have such huge reserves of foreign currency and the Yuan about to emerge as an exchange currency, along with the ability to directly intervene in domestic economics way beyond any level that could be contemplated in the west, that they really are the bankers in the Monopoly game now. And the Silk Road project gives them a strategic spending target allied to both economic and political gains. As for the winners and losers, the countries along the route closest to Chinese interests probably won't feel any different. It gets interesting as you get to Pakistan and India, where India is fuming about the Chinese infrastructure spend in Pakistan and refusing to have anything to do with the Silk Road project accordingly, which doesn't bother China or Pakistan all that much. The western European plans will be interesting- I believe significant infrastructure projects and new links are planned right through to Rotterdam. Might give some European countries a bit more hesitation in following the US line on voting at the UN ultimately. Heh- just remembered that the High Speed Rail Line between London and the Channel Tunnel is already owned by a subsidiary company owned ultimately by Li Ka-Shing, the multibillionaire who is a senior economic advisor to the politburo in Beijing. Socratus O' Pericles said: There are two types of people those who have money and those who don't. Guess who always comes out on top. Click to expand... Those who print it! Socratus O' Pericles said: There are two types of people those who have money and those who don't. Guess who always comes out on top. Click to expand... Yes two types of persons but three types of empire: past, present, and future. It will be future empires that will have the money! Around 90 countries in the Belt Road Initiative (BRI) so it is much different than more recent bilateral engagements by the U.S. Infrastructural projects deliver employment at local level even if it is only housing and feeding the workers. The Belt and Road Initiative: Country Profiles | HKTDC The future will be a bullet train across Europe and Asia. middleground said: Yes two types of persons but three types of empire: past, present, and future. It will be future empires that will have the money! Around 90 countries in the Belt Road Initiative (BRI) so it is much different than more recent bilateral engagements by the U.S. Infrastructural projects deliver employment at local level even if it is only housing and feeding the workers. The Belt and Road Initiative: Country Profiles | HKTDC Click to expand... I agree. The Chinese have money and lots of it and are posseors of a model that will make many trillions more. Exaggeration of THEIR debt problem is nonsense: Most people think of China's growth coming from its burgeoning export sector. But it has a very strong domestic economy and a large public spending program – its called ‘nation building’. ... [T]here is no discussion [in China] about the country drowning in debt and all of that nonsense. [The Chinese] know full well that they are sovereign in their own currency and can deficit spend to further their sense of public purpose." : From "The government really is instrumental in creating growth" by Bill Mitchell, 20 January 2016 Click to expand... Here is the start of the EU strategic response to the Belt Road Initiative: Europes Belt and Road | The Diplomat Reminds me of a man at the post-Christmas sales rush, quietly queueing while all the goods are being snatched up by experienced shoppers Not everyone happy about the possible economic changes that the One Belt Initiative may bring to traditional communities according to a BBC website report: Gunmen have killed at least four people in an attack on the Chinese consulate in the Pakistani port city of Karachi. Gunshots were heard at about 09:30 local time (04:30 GMT) outside the consulate in the upmarket Clifton area. Police shot dead three attackers. Separatist militants who oppose Chinese investment projects in western Pakistan say they carried out the attack. China's ambition widens to include Greenland in the One Belt initiative: How Greenland could become China's Arctic base - BBC News middleground said: Yes two types of persons but three types of empire: past, present, and future. It will be future empires that will have the money! Around 90 countries in the Belt Road Initiative (BRI) so it is much different than more recent bilateral engagements by the U.S. Infrastructural projects deliver employment at local level even if it is only housing and feeding the workers. The Belt and Road Initiative: Country Profiles | HKTDC The future will be a bullet train across Europe and Asia. Click to expand... Except China is a nasty totalitarian dictatorship that eats people up and spits them out. Any comparison between it and western democracies are fraudulent. middleground said: Not everyone happy about the possible economic changes that the One Belt Initiative may bring to traditional communities according to a BBC website report: Gunmen have killed at least four people in an attack on the Chinese consulate in the Pakistani port city of Karachi. Gunshots were heard at about 09:30 local time (04:30 GMT) outside the consulate in the upmarket Clifton area. Police shot dead three attackers. Separatist militants who oppose Chinese investment projects in western Pakistan say they carried out the attack. Click to expand... We have a tale of two ports, 100km apart: Chabahar in Iran, developed with Indian support, and China’s Gwadar port in Pakistan. There are teething troubles with both: https://www.newdelhitimes.com/suicide-bomber-attack-irans-chabahar-port/ Karachi attack: A gunfight in Karachi shakes up Pakistan and China's all-weather alliance - The Economic Times China’s relationship with Pakistan involves a lot more money but also far more resentment. The Pakistanis are well aware of Chinese attitudes to Muslims and South Asians and, given Pakistani levels of paranoia never being much being much below 11/10, we should be in for quite the show. In a way the Belt & Road initiative is really just marketing for what has been going on for a long time. For instance in Africa while the West has long walked away it is China that has stepped in to build infrastructure, power plants, ports, railways and healthcare etc. This has been going on for so long now, that it is what was really behind George W Bush suddenly professing concern over Africa and boosting AIDS spending, if any of you remember that far back. But as usual with the US it was too little, too late, with no strategic long-term commitment and follow-through. In another sense it is an interesting throwback 2000 years to the era of the Roman and Han empires, except with modern technology, telecoms and transport links, which could have interesting and unforeseeable consequences. There's also more than a touch of Mackinder's century-old Heartland/World-Island theory of geo-political dominance. Definitely one to watch - though, as with Mao and the French Revolution, we'll all be long dead before the full implications and consequences of this become obvious. It's way too big and complicated to make specific predictions about the project as a whole. Its success or otherwise will be based on the extent to which the projects service existing demand or create new demand. Chinese infrastructural investment is massively inefficient in some respects and utterly awe-inspiring in other respects. It's hard to apply a hard and fast rule to something that is half-politics and half-economics. However I hope it works out as economic growth on that scale is definitely not a zero sum game. Maybe the U.S. will make it illegal for countries to cooperate together on the Silk road? Congress beating a drum about NOPEC with threat of sanctions against countries that collaborate to work together for a stable oil market: Bill allowing U.S. to sue OPEC drawing renewed interest | Reuters What's next will the EU be sanctioned as an illegal cartel? middleground said: Maybe the U.S. will make it illegal for countries to cooperate together on the Silk road? Congress beating a drum about NOPEC with threat of sanctions against countries that collaborate to work together for a stable oil market: Bill allowing U.S. to sue OPEC drawing renewed interest | Reuters What's next will the EU be sanctioned as an illegal cartel? Click to expand... The US would be outraged by a similar infringement of its own sovereignty.
NEW YORK (AP) — U.S. stock indexes fell Thursday following some potentially discouraging data on the economy . The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium . The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before. A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected. Neither report points to imminent disaster, but they dilute one of the hopes that’s driven the S&P 500 to 57 all-time highs so far this year : Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession. Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers. “One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said. Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. A cut next week would have the Fed following other central banks, which lowered rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point. Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading. Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.” On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’. Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move “enhances our flexibility with potential future strategic opportunities,” raising speculation about a spinoff or sale. Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off . Kroger’s board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization. All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84. In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates. Asian markets were stronger. Indexes rose 1.2% in Hong Kong and 0.8% in Shanghai as leaders met in Beijing to set economic plans and targets for the coming year. South Korea’s Kospi rose 1.6% for its third straight gain of at least 1%, as it pulls back following last week’s political turmoil where its president briefly declared martial law. In the bond market, the 10-year U.S. Treasury yield rose to 4.33% from 4.27% late Wednesday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.NEW YORK (AP) — Stocks rose in afternoon trading on Wall Street Friday, keeping the market on track for its fifth gain in a row. The S&P 500 was up 0.4% and is solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 351 points, or 0.8%, and the Nasdaq composite rose 0.2% as of 1:03 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.6% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 3.1% after raising its earnings forecast for the year. EchoStar fell 3.4% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.7%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 4.1%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.4% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets were mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.Furious Cucurella changes cleats after slipping twice to concede early goals, then helps Chelsea win
Volunteers with Nebraskans for Medical Marijuana sort through boxes of petitions submitted just before a deadline in 2022 to submit signatures to qualify for the November ballot. July 7, 2022. (Paul Hammel/Nebraska Examiner) LINCOLN — The Nebraska Attorney General’s Office and the Hall County Attorney’s Office are appealing the dismissal of criminal charges against a notary public who notarized medical cannabis petitions for the fall election. Hall County Attorney Marty Klein, Nebraska Attorney General Mike Hilgers and Assistant Attorney General Michael Jensen filed an appeal Friday to take the case to Hall County District Court against Jacy C. Todd, 54, a notary from York. Mark Porto, Todd’s attorney, did not immediately respond to a request for comment Friday on the appeal but previously urged prosecutors to “stop playing political games.” “A series of politically orchestrated (and false) Class II misdemeanors are among the least scary and intimidating things Mr. Todd has ever encountered,” Porto said in a statement last month. Prosecutors to appeal case against Nebraska notary, whose attorney asks ‘to stop playing games’ Prosecutors charged Todd on Oct. 2 with 24 counts of “official misconduct” for allegedly notarizing petitions outside the presence of a paid petition circulator — Michael Egbert of Grand — on 24 separate dates. Egbert pleaded guilty Nov. 8 to a Class I misdemeanor for circulator fraud, down from a felony. He testified in court that he used a phone book to illegally add and forge voter signatures. Hall County Judge Alfred Corey dismissed all charges against Todd on Nov. 22, finding that notaries are not public officials and that allegations of notarial “malfeasance” can already be tried administratively. Corey ordered the state to pay associated court costs. “While these duties greatly assist others, notary publics are not public servants who are performing governmental functions,” Corey wrote in a four-page opinion. The prosecutors, in their appeal, argue that Corey erred in finding that a notary was not a public official and said many states recognize notaries public as having governmental power. The prosecutors added that an administrative investigation doesn’t prohibit criminal prosecution. Todd is believed to be the first notary public criminally charged in Nebraska in actions involving allegations of notary malfeasance. Hilgers’ office accused about seven other notaries involved with the medical marijuana ballot initiatives of similar malfeasance by Hilgers’ office in a Lancaster County District Court case against the petitions. None of the seven have been charged in the same manner as Todd. The Lancaster County district judge dismissed the case after rejecting arguments from the AG’s Office, which included accusations of notarial malfeasance. That ruling is also being appealed. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOXThe Johnstown Tomahawks hope to reboot a lengthy homestand Friday and Saturday at 1st Summit Arena @ Cambria County War Memorial. A 10-game stretch at the War Memorial began with a pair of disappointing losses to the first-place Rochester Jr. Americans this past weekend. An opportunity to close the gap in the North American Hockey League East Division standings slipped away in those two setbacks, but an opportunity to reverse the trend await sixth-place Johnstown. Tenth-place Danbury Hat Tricks, with a revamped lineup, visit for a two-game set. Face-off is set for 7:30 p.m. Friday and 7 p.m. Saturday. "I really liked this week's practice," Tomahawks coach Jared Kersner said. "We had a good attention to detail, a good effort. We had just played four games – two against Maryland, and we split those; and two against Rochester, who unfortunately, beat us both times, but both were one-shot games. We were right there. "Our special teams weren't where they've been in November, and there were some small, small details and issues that made the difference," Kersner added. "On Friday night, we had a 3-on-2 (rush). They countered back and scored a game-winning goal with 3 1/2 minutes left. Then (on Saturday), at the end of the second period, they scored with one minute to go, and we took a penalty with two seconds to go. They started the next period and scored on the power play. "Those tiny details. There are things we could have done a little better. When you're playing a first-place team, that's what happens." Danbury (9-14-2) has won two straight games and will bring some momentum to Johnstown (13-12-2). The Hat Tricks swept the host New Hampshire Mountain Kings Dec. 6 and 7, as recently acquired Andrew Gibbons scored seven goals, with four coming in a 6-2 win Dec. 6 and three more in a 10-5 victory Saturday. Ironically, Gibbons had gone 16 games without scoring a goal after opening the season on a five-game, goal-scoring streak. He played 21 games with Rochester before joining Danbury this past week. His overall point total (18) ranks third on the team. Niko Tournas leads Danbury with 15 goals and 28 points. Another newcomer, Alexis Billequey, has 20 points, including eight goals. Billequey played 21 games with the Elmira Aviators before joining Danbury this past weekend to collect six assists in two contests. "They made a lot of moves the last two weeks to improve their roster," Kersner said. "That was Gibbons' first weekend with the team. A new home for him. Same with Billequey, a new acquisition in a trade. They're a team that has struggled at times, but they have revamped their roster with a bunch of moves." Goaltender Jack Fialkoff is 5-8-1, with a 3.97 goals against average and .893 save percentage. The Tomahawks' Ryan Flaherty has a team-high 12 goals and is tied for the team lead with 21 points. Caden Olenczak has 18 assists and 21 points. The balanced Tomahawks have three other 20-point scorers in Sam Blanton (7-13-20), Adam Ondris (13-7-20) and Cullen Emery (6-14-20). Goaltender Zack Ferris is 10-4-0 with a 3.12 goals against average and .915 save percentage. "It's important for us to focus on ourselves first," Kersner said. "I don't think we had a good weekend last week. We want to get back to what made us successful." (c)2024 The Tribune-Democrat (Johnstown, Pa.) 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