Q3 2024 Overview SAN DIEGO , Dec. 5, 2024 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today announced its third quarter 2024 financial results. In the third quarter of 2024, Petco delivered net revenue of $1.51 billion , up 1.2 percent versus prior year. On an as-reported basis, the company's consumables business was up 2.7 percent versus prior year, and services and other business was up 5.0 percent versus prior year. Growth in the company's consumables and services and other businesses was offset by the company's supplies and companion animal business, down 2.8 percent versus prior year. GAAP net loss in the third quarter of 2024 was $16.7 million , or $(0.06) per share, compared to GAAP net loss of $1.2 billion , or $(4.63) per share in the prior year, which included a $1.2 billion non-cash goodwill impairment charge associated with goodwill originally recorded in 2015. Adjusted Net Income 1 was $(6.5) million , or $(0.02) per share 1 , compared to $(14.5) million , or $(0.05) per share 1 in the prior year. Adjusted EBITDA 1 was $81.2 million compared to $72.2 million in the prior year. "Our third quarter results demonstrate the meaningful progress we're making to strengthen our retail fundamentals to drive sustainable, profitable growth," said Joel Anderson , Petco's Chief Executive Officer. "While there is more work to do, our improving results increase our conviction that we are on the right path to position Petco to win long-term. Our entire organization is focused on driving profitability and free cash flow, and I'm confident we're set up for a solid finish to 2024." (1) Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share ("Adjusted EPS"), and Free Cash Flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Fiscal Q4 2024 Outlook The company is providing Q4 guidance for revenue, Adjusted EBITDA, and Adjusted EPS, in addition to full year interest expense and capital expenditure expectations. For Fiscal Q4 2024, the company expects: Metric* FQ4 2024 Guidance Net Revenue ~ $1.55 billion Adjusted EBITDA Between $90 million and $95 million, including a minimum of $10 million in third party consulting fees associated with our transformation effort Adjusted EPS Between $0.00 and $0.02 For Fiscal 2024 (a 52-week year), the company expects the following: Metric* 2024 Guidance, YoY Net interest expense ~$140 million Capital Expenditures ~$130 million *Assumptions in the guidance include that economic conditions, currency rates and the tax and regulatory landscape remain generally consistent. For fiscal 2024, our guidance anticipates a 26 percent tax rate, and 273 million weighted average diluted share count. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted EPS are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the Securities and Exchange Commission. Earnings Conference Call Webcast Information: Management will host an earnings conference call on December 5, 2024 at approximately 4:30 PM Eastern Time to discuss the company's financial results. The conference call will be accessible through a live webcast. Interested investors and other individuals can access the webcast, earnings release, and earnings presentation via the company's investor relations page at ir.petco.com . A replay of the webcast will be archived on the company's investor relations page through December 19, 2024 until approximately 5:00 PM Eastern Time . About Petco, The Health + Wellness Co.: Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. We've consistently set new standards in pet care while delivering comprehensive pet wellness products, services and solutions, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico , which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics. Our complete pet health and wellness ecosystem is accessible through our pet care centers and digitally at petco.com and on the Petco app . In tandem with Petco Love , a life-changing independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we've helped find homes for nearly 7 million animals. Forward-Looking Statements: This earnings release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not statements of historical fact, including, but not limited to, statements regarding our Q4 and full year 2024 guidance, operational reset of our business, our competitive positioning, profitability, cost action plans and associated cost-savings. Such forward-looking statements can generally be identified by the use of forward-looking terms such as "believes," "expects," "may," "intends," "will," "shall," "should," "anticipates," "opportunity," "illustrative," or the negative thereof or other variations thereon or comparable terminology. Although Petco believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct or that any forward-looking results will occur or be realized. Nothing contained in this earnings release is, or should be relied upon as, a promise or representation or warranty as to any future matter, including any matter in respect of the operations or business or financial condition of Petco. All forward-looking statements are based on current expectations and assumptions about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Petco. Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results or events to differ materially from the potential results or events discussed in the forward-looking statements, including, without limitation, those identified in this earnings release as well as the following: (i) increased competition (including from multi-channel retailers, mass and grocery retailers, and e-Commerce providers); (ii) reduced consumer demand for our products and/or services; (iii) our reliance on key vendors; (iv) our ability to attract and retain qualified employees; (v) risks arising from statutory, regulatory and/or legal developments; (vi) macroeconomic pressures in the markets in which we operate, including inflation, prevailing interest rates and the impact of tariffs; (vii) failure to effectively manage our costs; (viii) our reliance on our information technology systems; (ix) our ability to prevent or effectively respond to a data privacy or security breach; (x) our ability to effectively manage or integrate strategic ventures, alliances or acquisitions and realize the anticipated benefits of such transactions; (xi) economic or regulatory developments that might affect our ability to provide attractive promotional financing; (xii) business interruptions and other supply chain issues; (xiii) catastrophic events, political tensions, conflicts and wars (such as the ongoing conflicts in Ukraine and the Middle East ), health crises, and pandemics; (xiv) our ability to maintain positive brand perception and recognition; (xv) product safety and quality concerns; (xvi) changes to labor or employment laws or regulations; (xvii) our ability to effectively manage our real estate portfolio; (xviii) constraints in the capital markets or our vendor credit terms; (xix) changes in our credit ratings; (xx) impairments of the carrying value of our goodwill and other intangible assets; (xxi) our ability to successfully implement our operational adjustments, achieve the expected benefits of our cost action plans and drive improved profitability; and (xxii) the other risks, uncertainties and other factors identified under "Risk Factors" and elsewhere in Petco's Securities and Exchange Commission filings. The occurrence of any such factors could significantly alter the results set forth in these statements. Petco cautions that the foregoing list of risks, uncertainties and other factors is not complete, and forward-looking statements speak only as of the date they are made. Petco undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority. PETCO HEALTH AND WELLNESS COMPANY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited and subject to reclassification) 13 Weeks Ended November 2, 2024 October 28, 2023 Percent Change Net sales: Products $ 1,263,194 $ 1,257,803 0 % Services and other 248,243 236,363 5 % Total net sales 1,511,437 1,494,166 1 % Cost of sales: Products 782,240 787,994 (1 %) Services and other 153,440 156,171 (2 %) Total cost of sales 935,680 944,165 (1 %) Gross profit 575,757 550,001 5 % Selling, general and administrative expenses 571,780 559,611 2 % Goodwill impairment — 1,222,524 (100 %) Operating income (loss) 3,977 (1,232,134) N/M Interest income (1,346) (1,139) 18 % Interest expense 35,797 36,557 (2 %) Loss on partial extinguishment of debt — 174 (100 %) Other non-operating income (8,465) (113) 7,391 % Loss before income taxes and income from equity method investees (22,009) (1,267,613) (98 %) Income tax benefit (857) (22,902) (96 %) Income from equity method investees (4,479) (3,574) 25 % Net loss attributable to Class A and B-1 common stockholders $ (16,673) $ (1,241,137) (99 %) Net loss per Class A and B-1 common share: Basic $ (0.06) $ (4.63) (99 %) Diluted $ (0.06) $ (4.63) (99 %) Weighted average shares used in computing net loss per Class A and B-1 common share: Basic 274,495 267,852 2 % Diluted 274,495 267,852 2 % PETCO HEALTH AND WELLNESS COMPANY, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) (Unaudited and subject to reclassification) November 2, 2024 February 3, 2024 ASSETS Current assets: Cash and cash equivalents $ 116,675 $ 125,428 Receivables, less allowance for credit losses 1 40,432 44,369 Merchandise inventories, net 690,291 684,502 Prepaid expenses 46,720 58,615 Other current assets 37,665 38,830 Total current assets 931,783 951,744 Fixed assets 2,233,558 2,173,015 Less accumulated depreciation (1,493,752) (1,356,648) Fixed assets, net 739,806 816,367 Operating lease right-of-use assets 1,328,398 1,384,050 Goodwill 980,064 980,297 Trade name 1,025,000 1,025,000 Other long-term assets 206,429 205,694 Total assets $ 5,211,480 $ 5,363,152 LIABILITIES AND EQUITY Current liabilities: Accounts payable and book overdrafts $ 447,673 $ 485,131 Accrued salaries and employee benefits 129,486 101,265 Accrued expenses and other liabilities 190,789 200,278 Current portion of operating lease liabilities 340,437 310,507 Current portion of long-term debt and other lease liabilities 5,294 15,962 Total current liabilities 1,113,679 1,113,143 Senior secured credit facilities, net, excluding current portion 1,576,856 1,576,223 Operating lease liabilities, excluding current portion 1,064,322 1,116,615 Deferred taxes, net 210,708 251,629 Other long-term liabilities 123,077 121,113 Total liabilities 4,088,642 4,178,723 Commitments and contingencies Stockholders' equity: Class A common stock 2 237 231 Class B-1 common stock 3 38 38 Class B-2 common stock 4 — — Preferred stock 5 — — Additional paid-in-capital 2,271,052 2,229,582 Accumulated deficit (1,135,221) (1,047,243) Accumulated other comprehensive (loss) income (13,268) 1,821 Total stockholders' equity 1,122,838 1,184,429 Total liabilities and stockholders' equity $ 5,211,480 $ 5,363,152 (1) Allowances for credit losses are $1,623 and $1,806, respectively (2) Class A common stock, $0.001 par value: Authorized - 1.0 billion shares; Issued and outstanding - 237.2 million and 231.2 million shares, respectively (3) Class B-1 common stock, $0.001 par value: Authorized - 75.0 million shares; Issued and outstanding - 37.8 million shares (4) Class B-2 common stock, $0.000001 par value: Authorized - 75.0 million shares; Issued and outstanding - 37.8 million shares (5) Preferred stock, $0.001 par value: Authorized - 25.0 million shares; Issued and outstanding - none PETCO HEALTH AND WELLNESS COMPANY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited and subject to reclassification) 39 Weeks Ended November 2, 2024 October 28, 2023 Cash flows from operating activities: Net loss $ (87,979) $ (1,257,635) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 149,414 148,593 Amortization of debt discounts and issuance costs 3,661 3,658 Provision for deferred taxes (35,629) (35,164) Equity-based compensation 40,705 64,431 Impairments, write-offs and losses on sale of fixed and other assets 8,449 2,202 Loss on partial extinguishment of debt — 920 Income from equity method investees (13,557) (10,032) Amounts reclassified out of accumulated other comprehensive (loss) income (3,035) 674 Goodwill impairment — 1,222,524 Non-cash operating lease costs 311,347
NEW YORK , Dec. 9, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") is clarifying the float-adjusted liquidity ratio (FALR) eligibility criteria used in the S&P U.S. Indices and Dow Jones U.S. Total Stock Market Indices Methodologies. No constituent changes for any U.S. companies currently in the S&P Composite 1500 indices or Dow Jones U.S. Total Stock Market indices will occur, as this simply clarifies and provides more transparency to the existing FALR rule. Current Updated A float-adjusted liquidity ratio (FALR), defined as the annual dollar value traded divided by the float-adjusted market capitalization (FMC), is used to measure liquidity. Using composite pricing and U.S. consolidated volume (excluding dark pools), annual dollar value traded is defined as the average closing price multiplied by the historical volume over the 365 calendar days prior to the evaluation date. A float-adjusted liquidity ratio (FALR), defined as the annual dollar value traded divided by the float-adjusted market capitalization (FMC), is used to measure liquidity. Using composite pricing and all publicly reported U.S. consolidated volume (excluding dark pools) , annual dollar value traded is defined as the average closing price multiplied by the historical volume over the 365 calendar days prior to the evaluation date. The below excerpt is the full U.S. Liquidity criteria language, including the clarification: Liquidity. A float-adjusted liquidity ratio (FALR), defined as the annual dollar value traded divided by the float-adjusted market capitalization (FMC), is used to measure liquidity. Using composite pricing and all publicly reported U.S. consolidated volume, annual dollar value traded is defined as the average closing price multiplied by the historical volume over the 365 calendar days prior to the evaluation date. This is reduced to the available trading period for IPOs, spin-offs or public companies considered to be U.S. domiciled for index purposes that do not have 365 calendar days of trading history on a U.S. exchange. In these cases, the dollar value traded available as of the evaluation date is annualized. Eligibility differs depending on the index: IMPACTED INDICES Index Name Index Codes S&P Composite 1500 Index 1500 S&P 500 500 S&P 400 400 S&P 600 600 Dow Jones U.S. Total Stock Market Index DWCF IMPLEMENTATION TIMING The clarification is effective today, Monday, December 9, 2024 . Please note that the S&P U.S. Indices Methodology and Dow Jones U.S. Total Stock Market Indices Methodology on S&P DJI's website are updated with the clarified language. For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji . ABOUT S&P DOW JONES INDICES S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji . FOR MORE INFORMATION: S&P Dow Jones Indices index_services@spglobal.com Media Inquiries spdji.comms@spglobal.com View original content: https://www.prnewswire.com/news-releases/sp-dow-jones-indices-float-adjusted-liquidity-ratio-clarification-for-certain-us-indices-302326759.html SOURCE S&P Dow Jones IndicesLINK Engineering Executive Tim Duncan joins the PureForge Team as VP of Testing & EquipmentBelt Sanding Machine Switches Market Outlook and Future Projections for 2030 11-24-2024 02:05 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: Dhirtek Business Research and Consulting Belt Sanding Machine Switches Market The belt sanding machine switches market represents a dynamic and continually evolving landscape, shaped by changing consumer demands and technological advancements. In this comprehensive report, we provide an in-depth exploration of the market, designed for a wide range of stakeholders including manufacturers, suppliers, distributors, and investors. Our goal is to equip industry participants with essential insights that enable informed decision-making in an ever-changing market environment. This analysis not only examines the current state of the belt sanding machine switches market but also forecasts its future trends. Scope and Purpose This report serves as an extensive resource, thoughtfully curated to deliver actionable intelligence to industry stakeholders. It covers critical elements such as market dynamics, competitive environments, growth opportunities, challenges, and regional differences. The insights provided go beyond mere descriptions, offering a valuable tool for stakeholders to refine their strategies and make informed choices in a competitive market. Request for Sample Report: https://www.dhirtekbusinessresearch.com/market-report/Belt-Sanding-Machine-Switches-Market/request-for-sample-report Comprehensive Market Analysis We are committed to providing a thorough analysis that explores every aspect of market growth, including shifts in consumer preferences and technological innovations driving demand for belt sanding machine switches products. We also address the challenges faced by the industry, such as economic uncertainties and intense competition, offering insights to help stakeholders navigate these complexities. Key Players in the Belt Sanding Machine Switches Market: Defond Marquardt GmbH Weida Machinery HUAJIE Kedu Electric CPX Switch Chuanmu Electric Tyco Electronics Yueqing Jlevel Electrical Guosheng Instrument TACLEX Baokezhen Shunfa Bremas Superior Electric Strategic Guidance for the Future This report invites stakeholders to delve into a detailed examination of the competitive landscape. By profiling key players in the belt sanding machine switches market and analyzing their strategies, we offer crucial insights to help industry participants make informed strategic decisions. Whether it's about outpacing competitors or learning from successful approaches, our analysis is designed to guide stakeholders toward success. Anticipated Insights Understanding the diverse segments within the belt sanding machine switches market is critical to success. Our report breaks down segment sizes, potential growth trajectories, and key trends, offering actionable insights that allow stakeholders to develop targeted strategies and optimize resource allocation. The knowledge provided empowers stakeholders to navigate the complexities of the belt sanding machine switches market with clarity and confidence. Balancing Market Forces and Strategic Impact This report delivers a comprehensive analysis of the factors shaping the belt sanding machine switches market. By evaluating both the drivers of market growth and the obstacles that could impede it, stakeholders gain a holistic understanding of the market's dynamics. For manufacturers, this analysis helps align innovation efforts with consumer demands and regulatory trends, while investors and decision-makers gain a deeper understanding of economic risks and supply chain vulnerabilities, allowing them to make more informed strategic choices. Our goal is to provide stakeholders with the knowledge needed to confidently and successfully navigate the belt sanding machine switches market. Competitive Landscape Our in-depth examination of the belt sanding machine switches market's competitive landscape highlights key players, scrutinizing their strategies and impacts on the industry. By analyzing the approaches of major companies, stakeholders gain a valuable understanding of market dynamics and can leverage these insights to identify growth opportunities, innovate, and make informed strategic decisions. Market Segmentation The report begins with a detailed analysis of the unique characteristics defining each segment within the belt sanding machine switches market. Segmentation can occur across various dimensions, including product types, customer demographics, or specific use cases. Understanding these differences allows stakeholders to tailor their strategies, products, and marketing efforts to meet the specific needs of each segment, enhancing competitive positioning and maximizing opportunities for success. Market Segments: Product Type: DC and AC Speed Control Switch Single Speed Switch Micro Switch Trigger Switch Rocker Switch Others Application: Cordless Corded Market Size and Segment Growth Potential A crucial part of the report focuses on understanding the size and significance of each market segment. We provide quantitative data that illustrates the market share and contribution of each segment, enabling stakeholders to make informed decisions regarding resource allocation, strategic prioritization, and investment. This section offers insights into the growth potential of each segment, including factors driving future expansion, evolving consumer preferences, and technological adoption. Conclusion This report serves as a strategic guide for stakeholders in the belt sanding machine switches market, offering comprehensive insights into market segmentation, competitive dynamics, and growth potential. By understanding the market's complexities and emerging opportunities, industry participants can make well-informed decisions that drive success and innovation in this rapidly evolving market. Other Reports Railway Carrier Cable Market https://www.dhirtekbusinessresearch.com/market-report/Railway-Carrier-Cable-Market Filter Press Machine Market https://www.dhirtekbusinessresearch.com/market-report/Filter-Press-Machine-Market Built-in Amplifier Proximity Sensors Market https://www.dhirtekbusinessresearch.com/market-report/Built-in-Amplifier-Proximity-Sensors-Market Single Side See-Through Glass Market https://www.dhirtekbusinessresearch.com/market-report/Single-Side-See-Through-Glass-Market "Contact Us Dhirtek Business Research and Consulting Private Limited Contact No: +91 7580990088 Email Id: sales@dhirtekbusinessresearch.com" "About Us Dhirtek Business Research & Consulting Pvt Ltd is a global market research and consulting services provider headquartered in India. We offer our customers syndicated research reports, customized research reports, and consulting services. Our objective is to enable our clientele to achieve transformational progress and help them to make better strategic business decisions and enhance their global presence. We serve numerous companies worldwide, mobilizing our seasoned workforce to help companies shape their development through proper channeling and execution. We offer our services to large enterprises, start-ups, non-profit organizations, universities, and government agencies. The renowned institutions of various countries and Fortune 500 businesses use our market research services to understand the business environment at the global, regional, and country levels. Our market research reports offer thousands of statistical information and analysis of various industries at a granular level." This release was published on openPR.
In the age of digital transformation, entrepreneurship is at the forefront of driving economic growth and sustainable development in Africa. With the continent’s ambitious Agenda 2063 as a guiding framework, aspiring entrepreneurs are seeking ways to leverage the opportunities presented by the digital economy to propel continental prosperity. Central to this endeavour are key elements such as artificial intelligence (AI), cybersecurity, and innovative approaches that can pave the way for success in the fast-evolving landscape of African entrepreneurship. As entrepreneurs navigate the digital economy in line with Agenda 2063, they can tap into a multitude of resources and organizations for support. From the African Union’s economic development initiatives to regional economic communities, incubators, and online platforms, a wealth of opportunities exist for entrepreneurs to access mentorship, funding, and networking within the vibrant African startup ecosystem. By harnessing these resources and adopting innovative strategies, aspiring entrepreneurs can position themselves for success in building sustainable businesses that contribute to the continent’s long-term growth. Entrepreneurship in the digital economy in Africa is an area of immense potential and growth. As technology continues to advance and digital tools become more accessible, the opportunities for African entrepreneurs to innovate and create sustainable businesses are increasing. However, several key challenges and considerations need to be addressed to fully harness the potential of entrepreneurship in the digital economy in Africa. One of the key issues facing African entrepreneurs in the digital economy is access to technology and infrastructure. While mobile phone penetration is high in many African countries, access to reliable internet connectivity and affordable devices can still be a barrier for many entrepreneurs. Improving access to technology and infrastructure is essential to support the growth of digital entrepreneurs in Africa. Another challenge is building the necessary skills and knowledge to succeed in the digital economy. Many African entrepreneurs may lack the technical skills required to take full advantage of digital tools and platforms. Investing in education and training programs that focus on digital skills and entrepreneurship can help to bridge this gap and support the growth of a digitally literate workforce in Africa. The future of work in the digital economy is also a key consideration for African entrepreneurs. As automation and artificial intelligence continue to reshape the labour market, African entrepreneurs need to adapt and innovate to stay competitive. This may involve developing new business models, creating products and services that leverage technology, and embracing new ways of working. Sustainability is another important factor to consider in the context of entrepreneurship in the digital economy in Africa. As the impacts of climate change become more pronounced, there is a growing need for businesses to operate in a sustainable and environmentally conscious manner. African entrepreneurs have an opportunity to lead the way in creating innovative and sustainable businesses that not only drive economic growth but also contribute to environmental and social goals. As such, entrepreneurship in the digital economy in Africa holds immense potential for driving economic growth, creating employment opportunities, and promoting sustainable development. By addressing key challenges such as access to technology, building digital skills, adapting to the future of work, and promoting sustainability, African entrepreneurs can unlock the full potential of the digital economy and drive positive change across the continent. With a particular focus on Africa, how has the implementation of Agenda 2063 influenced the landscape of economic development and sustainability, particularly for aspiring entrepreneurs in the digital economy? Agenda 2063 is a strategic framework for the socio-economic transformation of Africa, developed by the African Union to guide the continent’s development over the next 50 years. The agenda aims to accelerate Africa’s development by focusing on key areas such as infrastructure development, industrialization, trade, governance, and human capital development. While it has been in application for several years, there have been both successes and challenges in terms of its impact and advocacy. One of the key impacts of Agenda 2063 is the increased focus on regional integration and cooperation. The agenda emphasizes the importance of African countries working together to achieve common goals and address shared challenges. This has led to initiatives such as the African Continental Free Trade Area (AfCFTA), which aims to create a single market for goods and services across the continent. Regional integration efforts under Agenda 2063 have the potential to boost economic growth, trade, and investment in Africa. Another impact of Agenda 2063 is the increased focus on infrastructure development. The agenda prioritizes the development of key infrastructure such as transportation networks, energy systems, and ICT infrastructure to support economic growth and development. Investments in infrastructure under Agenda 2063 have the potential to improve connectivity, reduce trade barriers, and enhance competitiveness in African economies. However, there are also challenges and limitations in the implementation of Agenda 2063. One key challenge is the issue of financing. Many of the initiatives and projects outlined in Agenda 2063 require significant financial resources to implement. Mobilizing the necessary funding from both domestic and external sources remains a major challenge for African countries. Additionally, there is a need for better coordination and alignment of efforts among African countries and institutions to fully realize the potential of Agenda 2063. Improved governance, transparency, and collaboration are needed to ensure that the objectives of the agenda are effectively implemented. Essentially, while there have been significant efforts and achievements in implementing Agenda 2063, there is still work to be done to fully realize its transformative potential. Continued advocacy, political will, and commitment from African governments and stakeholders will be essential to ensure that Agenda 2063 leads to tangible and sustainable development outcomes for the continent. One can then ask, how can the principles of Agenda 2063 be effectively integrated with entrepreneurship practices in the digital economy to maximize opportunities and overcome challenges for the continent’s long-term prosperity and sustainability? Implementing entrepreneurship approaches in the digital economy in line with the provisions of Agenda 2063 offers numerous opportunities for promoting economic growth, job creation, innovation, and sustainable development in Africa. However, there are also significant challenges that must be navigated to harness the full potential of entrepreneurship in the digital economy. Here are some opportunities, challenges, and best approaches to address them: Opportunities: 1. Market Access: The digital economy provides African entrepreneurs with access to global markets, allowing them to reach a wider customer base and expand their businesses beyond local borders. 2. Innovation and Creativity: Digital technologies enable entrepreneurs to develop new products and services, improve business processes, and drive innovation in various sectors of the economy. 3. Job Creation: Entrepreneurship in the digital economy has the potential to create new job opportunities, particularly for young people who are tech-savvy and can leverage digital skills to start and grow their businesses. 4. Financial Inclusion: Digital payment systems and fintech solutions can improve financial inclusion by providing access to financial services for underserved populations, enabling more people to participate in economic activities. Challenges: 1. Digital Divide: Unequal access to digital infrastructure, such as internet connectivity and technology devices, can limit the participation of entrepreneurs in the digital economy, particularly in rural and remote areas. 2. Skills Gap: Many entrepreneurs lack the necessary digital skills and knowledge to leverage technology effectively in their businesses, hindering their ability to compete in the digital economy. 3. Regulatory challenges: Complex and outdated regulations may stifle innovation and entrepreneurship in the digital economy, creating barriers to entry for startups and hindering their growth. Best Approaches: 1. Capacity Building: Providing training and mentorship programs to entrepreneurs to enhance their digital skills, business acumen, and innovation capabilities. 2. Access to Finance: Facilitating access to affordable financing options, including venture capital, angel investors, and crowdfunding, to support entrepreneurial ventures in the digital economy. 3. Regulatory Reforms: Streamlining regulations and creating a conducive environment for digital entrepreneurship by promoting ease of doing business, protecting intellectual property rights, and ensuring data privacy and cybersecurity. 4. Collaboration and Networking: Encouraging collaboration between entrepreneurs, government agencies, academia, and industry stakeholders to foster innovation, share best practices, and create synergies for growth. By leveraging these opportunities, addressing challenges, and implementing the best approaches, Africa can unlock the full potential of entrepreneurship in the digital economy in line with the provisions of Agenda 2063. This will contribute to continental prosperity, sustainable development, and the realization of Africa’s vision for a prosperous and integrated continent by 2063. In light of these considerations, how can we strategically position and effectively leverage Artificial Intelligence (AI) and Cybersecurity within the context of Agenda 2063 and digital entrepreneurship to advance our continental goals? Let’s delve deeper into this critical intersection to uncover comprehensive strategies and solutions for sustainable progress. Positioning AI and cybersecurity within the context of entrepreneurship in the digital economy in Africa is critical for leveraging the full potential of digital technologies while ensuring the security and privacy of online activities. Here are some key considerations for positioning AI and cybersecurity in this landscape: 1. Leveraging AI for Innovation and Efficiency: – African entrepreneurs can harness the power of AI to drive innovation, automate processes, and enhance decision-making in their businesses. – AI applications such as machine learning, natural language processing, and predictive analytics can help entrepreneurs gain insights, optimize operations, and deliver personalized experiences to customers. 2. Addressing Skills Gaps and Adoption Challenges: – Promoting AI education and training programs to equip entrepreneurs with the necessary skills to leverage AI technologies effectively in their businesses. – Encouraging collaboration between industry, academia, and government to foster AI adoption, knowledge sharing, and technology transfer. 3. Enhancing Cybersecurity Measures: – Implementing robust cybersecurity measures to protect digital assets, sensitive data, and online transactions from cyber threats. – Promoting awareness of cybersecurity best practices among entrepreneurs, employees, and customers to prevent cyber attacks and data breaches. 4. Regulatory Framework and Compliance: – Establishing clear regulations and standards for AI applications and cybersecurity practices to ensure ethical use of AI and data protection. – Ensuring compliance with data privacy laws, such as the General Data Protection Regulation (GDPR) and the African Union Convention on Cyber Security and Personal Data Protection, to safeguard personal information and build trust with customers. 5. Collaboration and Knowledge Sharing: – Fostering collaboration between AI experts, cybersecurity professionals, government agencies, and industry stakeholders to exchange knowledge, share resources, and address emerging cybersecurity threats. – Encouraging public-private partnerships to develop cybersecurity solutions, conduct research, and build cybersecurity capacity in Africa. By positioning AI and cybersecurity as integral components of entrepreneurship in the digital economy in Africa, entrepreneurs can unlock new opportunities for growth, innovation, and competitiveness while mitigating cybersecurity risks and safeguarding digital assets. This strategic focus on AI and cybersecurity will not only drive sustainable development and prosperity but also contribute to building a more resilient and secure digital ecosystem in Africa. Consequently, amid the focus on implementing Agenda 2063 as a framework for sustainability and economic development, where can emerging entrepreneurs seek assistance and guidance within the digital economy landscape? This crucial inquiry prompts us to explore the support systems available to aspiring entrepreneurs navigating the complexities of a rapidly evolving market. Aspiring entrepreneurs seeking support in the digital economy within the framework of Agenda 2063 can turn to various resources and organizations for guidance, mentorship, and funding opportunities. Here are some key avenues for help: 1. African Union: – The African Union plays a central role in advancing Agenda 2063 and promoting economic development in Africa. Entrepreneurs can access information, resources, and programs through the AU’s Department of Economic Development, Trade, Industry, and Mining. 2. National Governments and Ministries: – Many African countries have established entrepreneurship and innovation programs to support startups and small businesses. Entrepreneurs can reach out to their respective governments and relevant ministries for information on available resources and initiatives. 3. African Development Bank (AfDB): – The AfDB offers various funding mechanisms, technical assistance, and capacity-building programs for entrepreneurs in Africa. Aspiring entrepreneurs can explore the AfDB’s initiatives focused on sustainable development, innovation, and economic growth. 4. Regional Economic Communities: – Regional economic communities such as the Economic Community of West African States (ECOWAS) and the East African Community (EAC) provide platforms for collaboration, networking, and access to regional markets for entrepreneurs in Africa. 5. Incubators and Accelerators: – Entrepreneurship incubators and accelerators can provide aspiring entrepreneurs with mentorship, training, and networking opportunities to launch and grow their businesses in the digital economy. Examples include the Tony Elumelu Foundation Entrepreneurship Program and the MEST Africa incubator. 6. Innovation Hubs and Co-working Spaces: – Innovation hubs and co-working spaces offer entrepreneurs a collaborative environment to work, network, and access support services such as mentorship, training, and access to funding opportunities. Examples include iHub in Kenya and CcHUB in Nigeria. 7. Angel Investors and Venture Capitalists: – Aspiring entrepreneurs can seek funding from angel investors and venture capitalists who are interested in supporting startups in the digital economy. Platforms like VC4A and AngelList connect entrepreneurs with potential investors. 8. Online Platforms and Communities: – Online platforms and communities such as StartUp Africa and Africa Tech Summit provide information, resources, and networking opportunities for entrepreneurs in the digital economy. Engaging with these platforms can help aspiring entrepreneurs stay informed and connected within the African startup ecosystem. By leveraging these resources and organizations, aspiring entrepreneurs can access the support, mentorship, funding, and networks needed to thrive in the digital economy within the context of Agenda 2063’s goals of sustainability and economic development in Africa. In conclusion, as Africa embarks on a journey towards achieving the goals of Agenda 2063, entrepreneurship in the digital economy emerges as a critical driver of continental prosperity and sustainability. By embracing innovative technologies like AI, prioritizing cybersecurity measures, and leveraging the wealth of resources available, aspiring entrepreneurs have the tools they need to thrive and make a meaningful impact on the African economy. Through collaboration, creativity, and a commitment to fostering entrepreneurship, Africa’s future generations of business leaders can turn challenges into opportunities and navigate the complexities of the digital economy with resilience and determination. Ultimately, by harnessing the power of entrepreneurship within the context of Agenda 2063, Africa can unlock its full potential and pave the way for a prosperous and thriving future.The Pittsburgh Steelers take on what is typically an unenviable task -- traveling on a short week for a Thursday night primetime game. However, a few things are playing in Pittsburgh's favor as Week 12 of the NFL regular season kicks off. Namely, the "trip" to Cleveland is a little more than two hours by road and when the Steelers arrive there, they'll be facing a backup quarterback at the helm of a massively underwhelming 2-8 Browns team. The Steelers (8-2) are coming off a huge win over Baltimore to stay atop the AFC North. And Pittsburgh is beginning to set its sights on potential home-field advantage come playoff time. ODDS AND TRENDS The Steelers are a consensus 3.5-point favorite. That includes at BetRivers, where they have been backed by 80 percent of the spread-line money. Pittsburgh's -195 moneyline to simply win the game has been even more popular, drawing 95 percent of all money wagered. The Browns enter Thursday night having failed to cover the spread in nine of their past 12 games. Meanwhile, the Steelers have covered the spread in every game during their five-game win streak. The 37.0 total points line has seen the Over backed by 65 percent of the money and 70 percent of the total bets. Each of Cleveland's past eight November home games has gone under the total points line. PROP PICKS --Steelers WR George Pickens Over 50 Receiving Yards (-195 at DraftKings): Russell Wilson has thrown six touchdowns in the four games since he took over as the starting quarterback. Two of those have gone to Pickens, who has at least 74 receiving yards in each of those games. There is some concern that Pittsburgh gains a big early lead and turns to a run-heavy attack, but Wilson throws an excellent deep ball and that plays into Pickens' strength. This is the most popular player prop at the book. --Steelers RB Najee Harris Anytime TD (+100 at BetRivers): That potential for a run-heavy approach should benefit Harris, who found the sledding tough against Baltimore with 63 yards on the ground. He was also held out of the end zone for the second time in three games. Keep in mind that Cleveland has allowed only three touchdowns on the ground all season, but the Browns have allowed 12 through the air. Harris has a trio of scores on the ground and receiving through 10 games. KEY STAT The Browns have won the first quarter in five consecutive home games against the Steelers. THE NEWS The Steelers have certainly been locked in. They are currently riding a five-game winning streak, most recently edging the Baltimore Ravens 18-16 on Sunday. Chris Boswell booted six field goals against Baltimore, while Wilson completed 23 of 36 passes for 205 yards and an interception. Meanwhile, Cleveland continues to go through the wringer. The Browns ended up on the wrong end of a 35-14 blowout while facing the host New Orleans Saints on Sunday, marking their seventh loss in the past eight games. Cleveland now has to go up against one of the most unforgiving defenses in the league. Browns quarterback Jameis Winston is determined to direct a fundamentally sound performance against Pittsburgh, which allows the second-fewest points per game in the NFL (16.2). "It's precision passing. Getting the ball out on time. Elite operation and just doing our job. It's the simple things," Winston said. "This team (the Steelers) is not going to try and fool you. They're going to line up and say, 'Give us your best, we're going to give you our best.'" Winston threw for 395 yards and two touchdowns on 30-for-46 passing in the setback against New Orleans, with Jerry Jeudy hauling in six catches for 142 yards and a score. Star running back Nick Chubb continued to struggle since his return from a knee injury that cut his 2023 season short, finishing with 50 yards on 11 carries. INJURY REPORT The Browns could be without standout defensive end Myles Garrett, who missed practice on Tuesday because of a hip injury. Wide receiver Elijah Moore (shoulder), guard Joel Bitonio (pectoral) and cornerbacks Denzel Ward (ribs/ankle) and Greg Newsome II (shoulder) were among those limited during the session. Linebacker Alex Highsmith is dealing with an ankle issue and was ruled out by the Steelers along with cornerback Cory Trice Jr. (hamstring). THEY SAID IT Wilson is starting to feel like he might be part of something special, but he also doesn't want Pittsburgh to get ahead of itself. "I definitely think that we have a chance (to make a deep playoff run)," said Wilson, who has played in two Super Bowls. "I think the biggest thing for us is continuing to just take each week as the most important week of it all. "I think that it's not really even just the week, it's just the day, it's just the moments in between. I think the greatest teams, the greatest players, in any sport, especially the teams I've been on, is the moment -- it's never too far away. It's right here, right now. And you're just locked into that." PREDICTION Divisional road games on short weeks typically shape up as a daunting task. That's not the case for the Steelers, who will be hyper-focused to put this one out of reach early before enjoying 10 days ahead of a trip to Cleveland. With a second game against the Browns before a huge game at Philadelphia, this is not an under-manned opponent Pittsburgh will look past. --Steelers 27, Browns 19 --Field Level Media
Flag football scours nation with talent camps to uncover next wave of stars DENVER (AP) — So you're the most valuable player of that annual Thanksgiving Day backyard flag football game. Or played tackle football on any level. Or ran track. Or dabbled in basketball. Or toyed with any sport, really. Pat Graham, The Associated Press Nov 26, 2024 2:17 PM Nov 26, 2024 2:20 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message This photo provided by USA Football shows U.S. National Team flag football player Bruce Mapp playing against Brazil at the 2024 IFAF Flag Football World Championships at the Pajulahti Olympic Training Center in Lahti, Finland, Aug. 27, 2024. (Lester Barnes/USA Football via AP) DENVER (AP) — So you're the most valuable player of that annual Thanksgiving Day backyard flag football game. Or played tackle football on any level. Or ran track. Or dabbled in basketball. Or toyed with any sport, really. Well, this may be just for you: USA Football is holding talent identification camps all over the country to find that next flag football star. It's “America’s Got Talent” meets “American Idol,” with the stage being the field and the grand prize a chance to compete for a spot on a national team. Because it’s never too early to start planning for the 2028 Olympics in Los Angeles, where flag football will make its Summer Games debut. Know this, though — it's not an easy team to make. The men's and women's national team rosters are at “Dream Team” status given the men’s side has captured six of the last seven world championships and the women three in a row. To remain on top, the sport's national governing body is scouring every football field, park, track, basketball court and gym to find hidden talent to cultivate. USA Football has organized camps and tryouts from coast to coast for anyone ages 11 to 23. There are more than a dozen sites set up so far, ranging from Dallas (Sunday) to Chicago (Dec. 14) to Tampa (March 29) to Los Angeles (TBD) and the Boston area (April 27), where it will be held at Gillette Stadium, home of the New England Patriots. The organization has already partnered with the NFL on flag football initiatives and programs. The numbers have been through the roof, with engagement on social media platforms increasing by 86% since flag football was announced as an Olympic invitational sport in October 2023 . The participation of boys and girls ages 6 to 17 in flag football last year peaked at more than 1.6 million, according to USA Football research. “We pride ourselves on elevating the gold standard across the sport,” said Eric Mayes, the managing director of the high performance and national teams for USA Football. “We want to be the best in the world — and stay the best in the world.” Flag football was one of five new sports added to the LA28 program. The already soaring profile of American football only figures to be enhanced by an Olympic appearance. Imagine, say, a few familiar faces take the field, too. Perhaps even NFL stars such as Tyreek Hill or Patrick Mahomes, maybe even past pro football greats donning a flag belt for a country to which they may have ties. Soon after flag football's inclusion, there was chatter of NFL players possibly joining in on the fun. Of course, there are logistical issues to tackle before their inclusion at the LA Olympics, which open July 14, 2028. Among them, training camp, because the Olympics will be right in the middle of it. The big question is this: Will owners permit high-priced players to duck out for a gold-medal pursuit? No decisions have yet been made on the status of NFL players for the Olympics. For now, it's simply about growing the game. There are currently 13 states that sanction girls flag football as a high school varsity sport. Just recently, the Pittsburgh Steelers and Philadelphia Eagles helped pave the way to get it adopted in Pennsylvania. Around the world, it's catching on, too. The women's team from Japan took third at the recent word championships, while one of the best players on the planet is Mexico quarterback Diana Flores . “Could flag football globally become the new soccer? That’s something to aspire to," said Stephanie Kwok , the NFL's vice president of flag football. This type of flag football though, isn't your Thanksgiving Day game with family and friends. There's a learning curve. And given the small roster sizes, versatility is essential. Most national team members need to be a version of Colorado’s two-way standout and Heisman hopeful Travis Hunter. Forget bump-and-run coverage, too, because there's no contact. None. That took some adjusting for Mike Daniels, a defensive back out of West Virginia who earned a rookie minicamp invitation with the Cleveland Browns in 2017. “If a receiver is running around, I’m thinking, ‘OK, I can kind of bump him here and there and nudge him,’” Daniels explained. “They’re like, ‘No, you can’t.’ I’m just like, ‘So I’m supposed to let this guy just run?!’ I really rebelled at the idea at first. But you learn.” The competition for an Olympic roster spot is going to be fierce because only 10 players are expected to make a squad. The best 10 will earn it, too, as credentials such as college All-American or NFL All-Pro take a backseat. “I would actually love" seeing NFL players try out, said Daniels, who's also a personal trainer in Miami. “I’m not going to let you just waltz in here, thinking, ‘I played NFL football for five years. I’m popular. I have a huge name.’ I’m still better than you and I'm going to prove it — until you prove otherwise.” Around the house, Bruce Mapp constantly swivels his hips when turning a hallway corner or if his daughter tries to reach for a hug. It’s his way of working on avoiding a “defender” trying to snare the flag. That approach has earned the receiver out of Coastal Carolina four gold medals with USA Football. The 31-year-old fully plans on going for more gold in Los Angeles. “You grow up watching Usain Bolt (win gold) and the ‘Redeem Team’ led by Kobe Bryant win a gold medal, you're always thinking, ‘That's insane.' Obviously, you couldn't do it in your sport, because I played football," said Mapp, who owns a food truck in the Dallas area. "With the Olympics approaching, that (gold medal) is what my mind is set on." It's a common thought, which is why everything — including talent camps — starts now. “Everybody thinks, ‘Yeah, the U.S. just wins,’” Daniels said. “But we work hard all the time. We don’t just walk in. We don’t just get off the bus thinking, ‘We’re going to beat people.’” ___ AP NFL: https://apnews.com/hub/nfl and https://twitter.com/AP_NFL Pat Graham, The Associated Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message Get your daily Victoria news briefing Email Sign Up More Football (CFL) Bombers GM Walters sees no need to blow up roster despite another Grey Cup loss Nov 26, 2024 2:11 PM Calgary Stampeders acquire quarterback Vernon Adams Jr. from B.C. Lions Nov 26, 2024 11:06 AM Former Tiger-Cats player, general manager Joe Zuger dead at 84 Nov 26, 2024 7:58 AM
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Defence Minister Bill Blair on Friday pushed back on U.S. critics of Canada’s defence spending , saying the eight-year plan to reach its NATO commitment was “credible and verifiable” despite reports saying otherwise. Speaking to reporters at the opening of the Halifax International Security Forum, Blair said “nobody has to argue with me” that Canada needs to spend more on defence, and that the federal government was making the necessary investments, but more international and industry collaboration is needed to reach the NATO spending target. “I’ve told (our allies) they are pushing on an open door,” Blair said. “We are going to make those investments. “We know that we need to do more, but it’s (about) getting there in a timely way. It’s going to require cooperation and collaboration with our closest allies, with industry and some really hard work by the Canadian Armed Forces.” Canada is one of just eight NATO members not meeting the alliance’s benchmark of spending at least two per cent of GDP on defence. Its updated defence policy forecasts spending will rise from 1.37 per cent of GDP currently to 1.76 per cent by 2030. Prime Minister Justin Trudeau vowed at July’s NATO summit that Canada’s defence spending will hit two per cent by 2032. Yet the parliamentary budget officer last month said the government’s plan for achieving that is unclear and based on “erroneous” economic projections. The financial watchdog’s report said Canada will have to nearly double its annual military spending to $81.9 billion from current levels to achieve the NATO target. But Blair, who has previously dismissed the PBO’s findings, said Friday the 2032 timeline was “realistic” given how long it will take to deliver on equipment like naval destroyers and F-35 fighter jets. The incoming Donald Trump administration is expected to take a hardline stance on NATO and members’ spending commitments, and will have several allies in the U.S. Congress. Republican U.S. Rep. Mike Turner, who is leading the U.S. delegation to the NATO Parliamentary Alliance meeting in Montreal this weekend, unloaded on Trudeau’s defence policies in an interview with Politico on Friday , using words like “freeloading” and “incredible arrogance” and warning of potential consequences. “You’re being dishonest saying that you’re going to meet a commitment that you don’t,” Turner said. “You are cheating everyone else and that has to be addressed to some extent by everyone else who’s not cheating.” Blair called the comments “unfair” when asked about them in Halifax. “I think we’ve already demonstrated just in the last two years a real commitment to begin the important and necessary work of acquiring new platforms for the Canadian Armed Forces, with planes and ships and submarines and other new technologies, new weapons systems, ammunition,” Blair said. “All of that work is is well underway.” The minister pointed to the Canadian Armed Forces’ “very credible plan to significantly accelerate” recruitment as an example of how Canada is taking its defence commitments seriously. Another was the timeline on acquiring a new submarine fleet, after Blair would only say the government was “exploring” it during April’s unveiling of the defence policy update. “Everybody rolled their eyes and said, you’re just kicking the can down the road,” Blair said. “Two months later, the prime minister announced that we were going to acquire 12 of them. Two months after that, we went into the market with an RFI. “I hope that sends a signal.” At the same time, Blair said more work and collaboration with industry partners and allies is needed to speed up procurement, though he said there were “many opportunities for us to accelerate” the 2032 timeline. He also said Canada shares “a certain frustration” with how long it’s taken to deliver military aid to Ukraine, which is set to be a major topic of discussion at the Halifax forum. Friday saw a notable example of those delays, when Blair announced a new U.S.-built air defence missile system had arrived in Ukraine — nearly two years after Canada purchased it for $406 million. Blair said that was accelerated from the four-to-five-year timeline Canada was first given by its industry partners, before the U.S. government “stepped up” and helped prioritize the procurement. “It still took two years,” Blair said. “I think that is part of the conversations we need to have here with industry, and not just here, but ongoing with how we accelerate production.” Blair has previously testified that production delays held up the missile system Canada ordered. The minister said speeding up production and delivery was more crucial than ever as adversaries and competitors like China rapidly build up their own forces. “We have to keep up, not in order to engage in conflict, but to prevent conflict,” he said. Blair also acknowledged that his message was quite different from his speech at the Halifax forum a year ago, when he underscored the need for Canada to put “resources ... behind our aspirations” when it comes to defence. “I came here last year and said, we need to spend more money, we needed to do more,” he said. “We’ve been working tirelessly over the past 12 months to do just that. “I’ve now got a substantial new budget. I’ve also got commitments from my government and the investments we have to make. And we have what we think is a timeline on when we can get that done.”
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Nvidia shares fall after China opens investigation Shares of artificial intelligence darling Nvidia were under pressure after a regulator in China said it was investigating the chipmaker over possible violations of the country's antimonopoly law. This investigation was in relation to Nvidia's 2020 acquisition of Israeli firm Mellanox and some agreements made during the acquisition, the Chinese government said Monday. 26-year-old detained by police in connection with fatal shooting of UnitedHealthcare CEO University of Pennsylvania graduate Luigi Mangione was detained by police as a "strong person of interest" in the killing of UnitedHealthcare CEO Brian Thompson after police found him carrying a pistol, a silencer, a mask and fake identification cards. Mangione had in his possession a suspected "ghost gun" — which lacks a serial member — capable of firing 9 mm rounds, authorities said. China trade in November misses expectations China's exports and imports both missed expectations in November, fueling worries over the health of the Chinese economy. Exports rose 6.7% in U.S. dollar terms from a year ago, sharply lower than the 12.7% growth in the previous month and missing forecasts of a 8.5% rise. Import data surprised with a decline of 3.9%, compared to a 0.3% rise expected by economists. Most Asia markets gain, breaking ranks with Wall Street Most markets rose in Asia , shrugging off the weaker close overnight on Wall Street. South Korea's Kospi led gains, rising 2.4%. The S&P 500 and Nasdaq Composite pulled back from record highs Monday, with tech shares lagging. The tech-heavy Nasdaq shed 0.62%, while the S&P fell 0.61%. The Dow Jones Industrial Average declined by 0.54%. [PRO] Investing in mid-caps may be the way to go in 2025 Mid-cap stocks could be the sweet spot for investors in 2025, having been outperforming recently. Many investors expect further gains for mid-caps, which offer better quality businesses than small-caps, as well as stronger growth prospects than large-caps. Money Report ‘White gold' seen as pivotal to Europe's massive trade deal with South America Is this London's best kept cultural secret? A royal palace turned parking lot is reinventing itself — again Technology stocks have underpinned the impressive rally in US stocks this year. But they are not immune from the laws of gravity. Monday's session saw large technology stocks underperform the broader market. Oracle missed forecasts and AMD was downgraded by Bank of America . But perhaps the biggest news of the day concerned Nvidia, whose shares have surged an astounding 188% this year. China's State Administration for Market Regulation opened an investigation into the chipmaker in relation to the acquisition of Mellanox and some agreements made during the acquisition. The news prompted Nvidia's shares to fall 2.6% overnight. The development suggests that while the year is ending, the fight for tech dominance around the world may just be intensifying. Competition between the U.S. and China over chipmaking is rising, with the Biden administration on Dec. 2 announcing a slew of curbs targeting semiconductor toolmakers. China then retaliated by banning exports of critical minerals such as gallium, and on the same day, four of the country's top industry associations said Chinese companies should be wary of buying U.S. chips as they were "no longer safe" and buy locally instead. Previous trade skirmishes have centered on areas such as metals, farm products, and automobiles. With a tougher stance on China expected from the incoming Trump administration, could the next trade war instead be focused around chips, which arguably have permeated every facet of our lives? — CNBC's Samantha Subin contributed to this report. Also on CNBC Tech firms in the spotlight Political uncertainty intensifies over the weekend Global political uncertainty intensifies over the weekend
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