NEW YORK (AP) — U.S. stocks closed at more records after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street. The S&P 500 rose 0.6% to reach another all-time high. The Dow Jones Industrial Average added 0.3% to its own record set the day before, while the Nasdaq composite rose 0.6% as Big Tech stocks helped lead the way. Stock markets abroad saw mostly modest losses, after President-elect Trump said he plans to impose sweeping tariffs on Mexico, Canada and China as soon as he takes office. U.S. automakers and other companies that could be hurt particularly by such tariffs fell. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are rising toward records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.5% and was on track to top its all-time high set a couple weeks ago. The Dow Jones Industrial Average added 81 points, or 0.2%, to its own record set the day before, while the Nasdaq composite was 0.5% higher, with less than an hour remaining in trading. Stock markets abroad were down, but mostly only modestly, after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada's main index edged down by just 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. General Motors sank 8.2%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.9%. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support to the job market . While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation. “Many” officials at the Fed's last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. Unlike tariffs in Trump's first term, his proposal from Monday night would affect products across the board. Trump’s tariff talk came almost immediately after U.S. stocks rose Monday amid excitement about his pick for Treasury secretary, Scott Bessent. The hope was the hedge-fund manager could steer Trump away from policies that balloon the U.S. government deficit, which is how much more it spends than it takes in through taxes and other revenue. The talk about tariffs overshadowed another set of mixed profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates instituted by the Fed to get inflation under control. Kohl’s tumbled 17.6% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.7% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. J.M. Smucker jumped 5.4% for one of the biggest gains in the S&P 500 after topping analysts' expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 2.8% for Amazon and 2% for Microsoft were the two strongest forces lifting the S&P 500. In the bond market, Treasury yields rose following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury climbed to 4.30% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It's since dipped back toward $91,600, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.
Deal on Elgin Marbles ‘still some distance’ away, says George Osborne
Partnering with hummel and Northwell Health, the new kit honors the club's iconic local roots. WESTCHESTER COUNTY, N.Y. , Nov. 26, 2024 /PRNewswire/ -- The Westchester Soccer Club (WSC) – the first homegrown professional sports club to call New York's most populous suburb home – debuted the team's inaugural home kit last week at an event with Northwell Health, its front of kit sponsor and official health partner. See images of the new kit here and the video reveal. Through an exciting partnership with hummel, a leading global sportswear brand, and with sponsorship from Northwell Health, the home kit builds on the excitement of WSC's iconic homegrown brand unveiled earlier this summer. The White, Gold, and Blue "Zee" Kit represents the next step in WSC's campaign to deepen community engagement as it prepares for the 2025 season in the United Soccer League One (USL). Earlier this year, USL announced that Westchester County, N.Y. has been granted the rights to a USL League One franchise, with WSC to kick off in 2025 as the host of home matches at the newly renovated Memorial Field in Mount Vernon, N.Y. "Our new kits proudly showcase the defining spirit of our community. At its core, the jersey is a celebration of our heritage, with the "Infinity W" mark (found in our badge and side-striping) and the Tappan Zee Bridge representing the connection between our players, fans, and our hometown communities," said Mitch Baruchowitz, majority owner of WSC. "Northwell Health is very proud to be the front-of-kit sponsor and official health partner of Westchester Soccer Club. This partnership reflects our shared commitment to fostering a healthier, more connected community," said Dr. Debbie Salas-Lopez of Northwell Health. "The new jerseys symbolize the strength of this collaboration, and we are excited to stand alongside WSC in uniting and inspiring Westchester through the power of soccer." Designed with the vibrant spirit of the NY suburban landscape in mind, the jerseys embody the pride and identity of WSC as a uniter of families and communities in the greater Westchester Region. The distinctive home kits resonate with the club's unique identity and aim to bring fans together and feature one of the region's iconic landmarks. In addition to the introduction of the new kits, WSC is also excited to announce the availability of season ticket deposits for the upcoming League One season. A deposit includes exclusive access to club information, announcements, invitations to events and more, providing fans the opportunity to secure their seats for an exciting season ahead, further solidifying their connection to the club. The new jerseys, and other items in a brand-new line of merchandise, are now available online at WSC's website for ensuring that fans can proudly display their support for the club ahead of the season. For more information about the new jerseys, season ticket options, and upcoming events, please visit: https://www.westchestersc.com/ . About Westchester Soccer Club Westchester Soccer Club, Westchester's first homegrown professional sports team, will join USL One in the 2025 season. The club is dedicated to celebrating the region's profound love for soccer through exciting game experiences and community-focused events. With a strong commitment to nurturing local talent, WSC aims to build a world-class developmental pipeline for both boys and girls in Westchester. For more information and updates, follow WSC on social media: Twitter/X: @westchestersc • Instagram: @westchestersc • Facebook: @westchestersc Sign up for email updates at www.westchestersc.com Media Contact: Josh Vlasto josh@joshvlasto.com View original content to download multimedia: https://www.prnewswire.com/news-releases/westchester-soccer-club-debuts-new-home-kit-to-kick-off-upcoming-season-302317028.html SOURCE Westchester Soccer ClubMALIBU, Calif. (AP) — The wildfire alert came in the middle of the night as some college students in Southern California were cramming for final exams and others were woken up in their dorms. Read this article for free: Already have an account? To continue reading, please subscribe: * MALIBU, Calif. (AP) — The wildfire alert came in the middle of the night as some college students in Southern California were cramming for final exams and others were woken up in their dorms. Read unlimited articles for free today: Already have an account? MALIBU, Calif. (AP) — The wildfire alert came in the middle of the night as some college students in Southern California were cramming for final exams and others were woken up in their dorms. But rather than run away from the impending blaze, some 3,000 students at Pepperdine University headed toward two buildings at the heart of the 830-acre (336 hectare) campus in coastal Malibu, California, to shelter in place. The protocol at the Christian university with picturesque views of the Pacific Ocean may seem to defy logic to those accustomed to scenes elsewhere in wildfire-prone California of thousands of residents evacuating fire zones in lengthy caravans of cars. For years, the university nestled in the foothills of the Santa Monica Mountains has had a special protocol due to its unique terrain and design that calls for students to be brought to a library and campus center where they can get food and water and have their basic needs met, said Michael Friel, a Pepperdine spokesperson. The school began preparing students and community members on what to do in case of a wildfire during new student orientation at the beginning of the academic year. When the fire broke out Monday night, school officials started communicating with students around 11 p.m. and activated the shelter-in-place protocol about two hours later, spreading the word through text messages, email, social media and by going door to door. “A lot of our students were woken up by a knock on the door, and we made sure they were aware of the conditions and we were able to get them out of harm’s way,” Friel said. The Franklin Fire quickly moved south, jumping over the famous Pacific Coast Highway and stretching to the coast, where large homes line the beach. Thousands of Southern California residents were under evacuation orders and warnings Tuesday with more than 8,100 homes and other structures under threat. County fire officials estimated that more than 3.5 square miles (9 square kilometers) of trees and dry brush had burned amid dangerous conditions fanned by dry, gusty Santa Ana winds that were expected to last into Wednesday. The cause of the fire was not immediately known. Ryan Song, a resident assistant at Pepperdine University, said he noticed the power went out at his dorm late Monday. When he looked out the window, he saw a huge pink glow. “I thought, ‘This is too bright,’ and it got bigger and bigger,” the 20-year-old junior said. “I immediately went outside and saw that it was a real fire.” Song and the other assistants went door to door to get students out. Most were calm and followed instructions, he said; a few who were scared rushed to their cars to get off campus. Song said he spent the next few hours racing back and forth in the dark between his dorm and the main campus to ensure no one was left behind. Pepperdine University officials said the campus was designed in the 1960s with fire safety in mind due to the region’s experience with wildfires. Buildings were clustered together and covered in stucco while roadways were constructed to make it easy for firefighters to get in, said Phil Phillips, the school’s executive vice president. During the 1990s, campus officials worked with Los Angeles County fire authorities to develop a safety plan, and authorities said the safest option for students would be to remain on campus. The school is diligent about brush clearance and has a plan to reduce smoke in shelter-in-place locations by taping shut doors and using air filters, he said. The nearby stretch of the Pacific Coast Highway can also become congested during an emergency, Phillips said, such as during the deadly Woolsey Fire in 2018. “What you don’t want is to be stuck,” said Phillips, who has been at the campus for three decades — including as a student — and said he has been through seven fires. “Protecting our students, providing for their safety is a moral obligation for us, so we take it really, really seriously.” On Tuesday, heavy smoke from the Franklin Fire, burning northeast of the school, billowed over the campus 29 miles (47 kilometers) west of Los Angeles, and classes were cancelled and final exams postponed. Firefighters had not contained any part of the blaze as of Tuesday afternoon. The campus was singed but no injuries were reported, and only one structure possibly was minimally damaged thanks to firefighters’ hard work and collaboration from students, faculty and others on campus, Friel said. Jim Gash, the college’s president, said the campus was no longer threatened on Tuesday afternoon. “I am grateful that through prayer, preparation, and cooperation, our Pepperdine community safely navigated the challenges encountered over the last 12 hours,” Gash said in a statement. “Our prayers continue to go out to the Malibu community.” ___ Taxin reported from Santa Ana, Calif. Associated Press writer Julie Watson in San Diego contributed to this report. Advertisement Advertisement
NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Future Vision II Acquisition Corp., FVNNU a publicly traded special purpose acquisition company (the "Future Vision"), and Viwo Technology Inc., a Cayman Islands exempted company operating its business via wholly owned entities in China ("Viwo"), today announced that, on December 10, 2024, they have entered into Amendment No. 1 to the Merger Agreement. Amendment No. 1 to the Merger Agreement requires pre-Business Combination Viwo shareholders to enter into a lock up agreement with respect to Future Vision shares they receive from the consummation of the Business Combination. The lock up is designed to align the interests of these shareholders with the long-term growth of the post-Business Combination company, Viwo Inc. Under the terms of the lock-up agreement, shareholders will be required to enter into a lock-up agreement, which includes a Viwo Inc. performance based release mechanism. This mechanism provides that shares are released based on the achievement of specific financial performance milestones and time-based criteria. Key Highlights of the Lock-Up Agreement: Company Shareholders' shares received in connection with the consummation of the Business Combination will be locked up for two (2) or three (3) years from the Effective Time of the Business Combination if the following performance-based milestone is met by Viwo Inc. Condition of the Two-Year Lock-Up Period Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of 20% by the end of the first fiscal year and 30% by the end of the second fiscal year, or a compounded growth rate of 24.96% year over year for the two-year period. If Viwo Inc. does not achieve the required gross revenue growth, than the shares will be locked up for a third year. Condition of the Three-Year Lock-Up Period: Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of 126.2% by the end of the third fiscal year, representing a compounded growth rate of 28.46% year over year, or 45% revenue growth from the second year assuming Viwo Inc. achieves a compounded growth rate of 24.96% year over year for the first and second years. Forfeiture of Shares to Release Lock Up: Alternatively, shareholders may effect the forfeiture of 10% of their Consideration Shares after the end of the third fiscal year to release the lock up. "We believe that this lock-up agreement, with its staggered release mechanism, will foster a stronger alignment between shareholders and the company's long-term goals," said Fidel Wang of Viwo Technology Inc. "By tying the release of shares to specific financial performance milestones, we are reinforcing our commitment to sustainable growth and value creation." About Viwo Technology Inc. Viwo is an innovation-driven technology company specializing in AI and "Martech" (marketing + technology) services, as well as AI and software development services. Viwo's mission is to drive business growth and enhance corporate value for its customers. Viwo assists customers across various industries in achieving digital upgrades and transformations, thereby creating future value. Viwo is committed to continuous technological innovation with the aim of industrializing intelligent digital technology. About Future Vision II Acquisition Corp. Future Vision II Acquisition Corp is a newly incorporated blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While we will not be limited to a particular industry in our identification and acquisition of a target company, we intend to focus our search on businesses within the technology, media, and telecommunications sector. Additional Information about the Business Combination and Where to Find It To facilitate the Business Combination, Future Vision will file a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement") that will include a preliminary proxy statement/prospectus of Future Vision, and after the Registration Statement is declared effective, Future Vision will mail a definitive proxy statement/prospectus relating to the Business Combination to its shareholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of Future Vision's shareholders to be held to approve the Business Combination and related matters. This communication does not contain all of the information that should be considered concerning the Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect to such matters. Future Vision and Viwo may also file other documents with the SEC regarding the Business Combination. Future Vision shareholders and other interested persons are advised to read the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, when available, as these materials will contain important information about Future Vision, Viwo, and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the Business Combination will be mailed to Future Vision shareholders as of a record date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's website at www.sec.gov . Participants in the Solicitation / No Offer or Solicitation Future Vision, Viwo, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Future Vision shareholders in connection with the proposed Business Combination. A list of the names of the directors and executive officers of Future Vision and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. Forward-Looking Statements Neither Future Vision, Viwo, nor any of their respective affiliates make any representation or warranty as to the accuracy or completeness of the information contained in this Current Report on Form 8-K. This Current Report on Form 8-K is not intended to be all-inclusive or to contain all the information that a person may desire in considering the proposed Business Combination discussed herein. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination. This Current Report on Form 8-K and the exhibits filed or furnished herewith include "forward-looking statements" made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the proposed transactions by and among Future Vision, Merger Sub, and Viwo, including statements regarding the benefits of the transaction, the anticipated timing of the Business Combination, the business of the Company and the markets in which they operate. Actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words or phrases such as "aspire," "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "will be," "will continue," "will likely result," "could," "should," "believe(s)," "predicts," "potential," "continue," "future," "opportunity," "seek," "intend," "strategy," or the negative version of those words or phrases or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Future Vision's and Viwo's expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Future Vision's and Viwo's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: general economic, financial, legal, political and business conditions and changes in domestic markets; risks related to the business of Viwo and the timing of expected business milestones; changes in the assumptions underlying the expectations of the Viwo regarding its future business; the effects of competition on the Viwo's future business; the outcome of any legal proceedings that may be instituted against Future Vision, Viwo, and/or the combined company or others following the announcement of the proposed Business Combination and any definitive agreements with respect thereto; the inability to complete the proposed Business Combination, including, without limitation, the inability to obtain approval of the shareholders of Future Vision or to satisfy other conditions to closing; the ability to meet stock exchange listing standards in connection with and following the consummation of the proposed Business Combination; the risk that the proposed Business Combination disrupts current plans and operations of Future Vision and Viwo as a result of the announcement and consummation of the proposed Business Combination; the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; costs related to the proposed Business Combination; changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain regulatory approvals required to complete the proposed Business Combination; the Parties' estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties set forth in the filings made by Future Vision with the SEC, including the proxy statement/prospectus that will be filed relating to the proposed Business Combination. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Future Vision and Viwo caution that the foregoing list of factors is not exclusive. Future Vision and Viwo caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Future Vision or Viwo undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. For investor and media inquiries, please contact: Ms. Caihong Chen, CFO of Future Vision Email: caih_chen@outlook.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.