Finland beats US 4-3 in OT in world junior hockey; Canada rebounds from loss to top Germany 3-0 OTTAWA, Ontario (AP) — Tuomas Uronen scored at 1:46 of overtime to give Finland a 4-3 victory over the defending champion United States on Sunday in the world junior hockey championship. Canadian Press Dec 29, 2024 7:21 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message OTTAWA, Ontario (AP) — Tuomas Uronen scored at 1:46 of overtime to give Finland a 4-3 victory over the defending champion United States on Sunday in the world junior hockey championship. Uronen, who plays for the Kingston Frontenacs in the Ontario Hockey League, came down the right side on a rush and beat goalie Trey Augustine high to the glove side. The Americans lost for the first time in three games. They'll finish Group A play Tuesday night against Canada. Finland has won two straight after an opening loss to Canada. In the late game at Canadian Tire Centre, Carter George made 18 saves to help Canada rebound from an overtime loss to Latvia with a 3-0 victory over Germany. Jesse Kiiskinen, Julius Miettinen and Arttu Alasiurua also scored for Finland, and Petteri Rimpinen made 41 saves. Carey Terrance of the Erie Otters of the OHL, Cole Hutson of Boston University and Brody Ziemer of Minnesota scored for the United States. Augustine, from Michigan State, stopped 29 shots. For Canada, Oliver Bonk opened the scoring midway through the first period, Caden Price made it 2-0 with 4:58 left in the game and Mathieu Cataford added an empty-netter. In Group B at TD Place, Sweden and Czechia each improved to 3-0 ahead of their showdown Tuesday night in the round-robin finale. Tom Willander had two goals and assist in Sweden's 7-5 victory over Switzerland. Eduard Sale scored twice to help Czechia beat Slovakia 4-2. ___ AP sports: https://apnews.com/sports 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 Junior Hockey Unconvincing Canada tops Germany 3-0 at world juniors Dec 29, 2024 7:19 PM Dalyn Wakely scores pair to lead Colts to 3-1 victory over Battalion Dec 29, 2024 6:19 PM Lounsbury and Mercier score two goals apiece as Wildcats defeat Islanders Dec 29, 2024 5:25 PMSanta Clara, CA and Kyoto, Japan, Dec. 10, 2024 (GLOBE NEWSWIRE) -- ROHM Co., Ltd. (ROHM) today announced that they have entered into a strategic partnership with TSMC on the development and volume production of gallium nitride (GaN) power devices for electric vehicle applications. The partnership will integrate ROHM's device development technology with TSMC's industry-leading GaN-on-silicon process technology to meet the growing demand for superior high-voltage and high-frequency properties over silicon for power devices. GaN power devices are currently used in consumer and industrial applications, such as AC adapters and server power supplies. TSMC, a leader in sustainability and green manufacturing, supports GaN technology for its potential environmental benefits in automotive applications, such as on-board chargers and inverters for electric vehicles (EVs). The partnership builds on ROHM and TSMC's history of collaboration in GaN power devices. In 2023, ROHM adopted TSMC's 650V GaN high-electron mobility transistors (HEMT), a process increasingly being used in consumer and industrial devices as part of ROHM's EcoGaNTM series, including the 45W AC adapter (fast charger) "C4 Duo" produced by Innergie, a brand of Delta Electronics, Inc. "GaN devices, capable of high-frequency operation, are highly anticipated for their contribution to miniaturization and energy savings, which can help achieve a decarbonized society. Reliable partners are crucial for implementing these innovations in society, and we are pleased to collaborate with TSMC, which possesses world-leading advanced manufacturing technology" said Katsumi Azuma, Member of the Board and Senior Managing Executive Officer at ROHM. "In addition to this partnership, by providing user-friendly GaN solutions that include control ICs to maximize GaN performance, we aim to promote the adoption of GaN in the automotive industry." "As we move forward with the next generations of our GaN process technology, TSMC and ROHM are extending our partnership to the development and production of GaN power devices for automotive applications," said Chien-Hsin Lee, Senior Director of Specialty Technology Business Development at TSMC. "By combining TSMC's expertise in semiconductor manufacturing with ROHM's proficiency in power device design, we strive to push the boundaries of GaN technology and its implementation for EVs." About TSMC TSMC pioneered the pure-play foundry business model when it was founded in 1987 and has been the world's leading dedicated semiconductor foundry ever since. The company supports a thriving ecosystem of global customers and partners with the industry's leading process technologies and portfolio of design enablement solutions to unleash innovation for the global semiconductor industry. With global operations spanning Asia, Europe, and North America, TSMC serves as a committed corporate citizen around the world. TSMC deployed 288 distinct process technologies and manufactured 11,895 products for 528 customers in 2023 by providing broadest range of advanced, specialty and advanced packaging technology services. The company is headquartered in Hsinchu, Taiwan. For more information, please visit https://www.tsmc.com . About ROHM Established in 1958, ROHM provides IC and discrete semiconductors characterized by outstanding quality and reliability for a broad range of markets, including the automotive, industrial, and consumer markets via its global development and sales network. In the power and analog field, ROHM proposes the suitable solution for each application with power devices such as SiC driver ICs to maximize their performance and peripheral components such as transistors, diodes, and resistors. Further information on ROHM can be found at https://www.rohm.com . EcoGaNTM is a trademark or registered trademark of ROHM Co., Ltd. Attachment ROHM-TSMC Strategic Partnership © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Over the past decade or so, there has been massive innovation when it comes to gaming technology, as well as the types of wagers that are most attractive to gamblers. On the slot machine side of casinos, reel-based slot machines and “low-volatility” games that have lots of smaller payouts have largely been replaced by ever-advancing digital games that focus on big payouts. Javascript is required for you to be able to read premium content. Thanks for the feedback.Unleashing The Power Of Hpe Alletra 4110: A Game Changer In Data Management
NYC ad agency titans Omnicom and Interpublic to form $30 billion marketing powerhouse Omnicom is buying Interpublic Group in a stock-for-stock deal that will create an advertising powerhouse with combined annual revenue of almost $26 billion. The companies have had a hand in iconic marketing campaigns like “Got Milk” for the California Milk Processor Board, “Priceless” for Mastercard, “Because I’m Worth It” for L’Oreal and “Think Different” for Apple. The combined company will be worth more than $30 billion. Shares of Interpublic jumped more than 15% before the opening bell Monday, while Omnicom’s stock fell more than 2%. How should the opioid settlements be spent? Those hit hardest often don’t have a say People with substance use disorder are not getting a direct say on how most opioid settlement money is used. Some advocates say keeping them out of the process is a major reason money is going to law enforcement efforts instead of other programs more likely to prevent overdose deaths. Companies have agreed to pay more about $50 billion over time to resolve lawsuits filed by governments. Most of the money is required to be used to fight the crisis. Figuring out exactly to do with it is up to state and local governments that have used a variety of structures to make those decisions. The Onion's bid to buy Infowars goes before judge as Alex Jones tries stopping sale The Onion's bid to buy conspiracy theorist Alex Jones' Infowars has returned to a Texas courtroom. A federal judge in Houston is hearing arguments Monday on whether a bankruptcy auction was run properly as Jones alleges collusion and fraud. The hearing is expected to continue into Tuesday. The Onion satirical news outlet was named the winning bidder last month over a company affiliated with Jones. The auction was held to help pay nearly $1.5 billion in defamation judgments that Jones was ordered to pay families of victims of the 2012 Sandy Hook Elementary School shooting. The families won lawsuits against Jones for calling the shooting a hoax. It's his job to keep American's planes running on time FORT WORTH, Texas (AP) — It's the job of American Airlines' chief operating officer to make sure the carrier's flights take off on time and fly safely during one of the busiest travel periods of the year. David Seymour oversees flight and airport operations for American, which expects to make about 6,500 flights a day between now and New Year’s Day. A West Point graduate and former U.S. Army infantry officer, Seymour has held a variety of operations-related jobs and was promoted to his current post in 2020. He spoke with The Associated Press recently about managing huge passenger numbers during the holidays and preventing people from getting on a plane before their boarding group is called. Stock market today: Nvidia drags Wall Street from its records as oil and gold rise NEW YORK (AP) — A slide for market superstar Nvidia helped pull U.S. stock indexes down from their records. The S&P 500 fell 0.6% Monday, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average fell 0.5%, and the Nasdaq composite dropped 0.6% from its own record. Nvidia was the market's heaviest weight after China said it's probing the chip giant for potential antitrust violations. Stocks in Hong Kong jumped after top Chinese leaders agreed on a “moderately loose” monetary policy. Prices for oil and gold rose following the ouster of Syrian leader Bashar Assad. Taylor Swift’s Eras Tour ends by shattering own record, grossing an estimated $2.2B, Pollstar says NEW YORK (AP) — Taylor Swift’s Eras Tour brought in approximately $2.2 billion in its nearly two-year run, making it the highest-grossing tour of all time for a second year in a row. That's according to Pollstar estimates from data collected across 149 shows and provided to The Associated Press on Monday. Last year, Swift’s landmark Eras Tour became the first to cross the billion-dollar mark. In North America, Swift’s tour earned an estimated $1.04 billion. Globally, that number jumps to an estimated $2.2 billion. Pollstar data is pulled from box office reports, venue capacity estimates, historical Pollstar venue ticket sales data, and other undefined research, collected from November 2022 to December 2024. Cyprus and the US double down on a joint effort to combat financial crimes with more training NICOSIA, Cyprus (AP) — Cyprus and the U.S. say they’re doubling down on a joint effort to crack down on illicit finance with additional training of Cypriot law enforcement authorities to identify, investigate and prosecute financial crimes. According to a joint statement issued Monday, an “ambitious” plan for next year will involve 21 weeks of training for different Cypriot law enforcement agencies on financial investigative and forensic accounting techniques, as well as the use of technology in investigations. The plan adds to a U.S. initiative launched 20 months ago following a pledge by Cypriot President Nikos Christodoulides to clean up the island nation’s sullied reputation as a money laundering and sanctions evasion hub. Mexican soldiers will get a pay raise after elimination of oversight agencies, president says MEXICO CITY (AP) — Mexico's president says much of the money gained by eliminating independent oversight and regulatory agencies will go to the army to fund a rise in soldiers’ pay. The announcement by President Claudia Sheinbaum on Monday is the latest in a a series of strange funding sources to pay for the country's increasingly influential military. Mexico's Congress last week approved charging every cruise ship passenger a $42 immigration fee with much of that money also going to the armed forces. The military has been given powers to build and run everything from railways, airports and airlines in Mexico. And some of those projects appear to be losing money. Nvidia's stock dips after China opens probe of the AI chip company for violating anti-monopoly laws Shares of Nvidia have slipped after China said it is investigating the high-flying U.S. microchip company over suspected violations of Chinese anti-monopoly laws. In a brief press release with few details, Chinese regulators appear to be looking into Nvidia’s $6.9 billion 2019 acquisition of network and data transmission company Mellanox. Nvidia shares dipped 2.7% in early trading Monday, falling below $139 each. Considered a bellwether for artificial intelligence demand, Nvidia has led the AI sector to become one of the stock market’s biggest companies, as tech giants spend heavily on the company’s chips and data centers needed to train and operate their AI systems. Meta shareholders seek sanctions for Sandberg, Zients for deleting Cambridge Analytica emails WILMINGTON, Del. (AP) — Attorneys for Meta shareholders are asking a Delaware judge to sanction former Chief Operating Officer Sheryl Sandberg and fellow Facebook board member and current White House chief of staff Jeff Zients for deleting emails related to the Cambridge Analytica privacy scandal. The plaintiffs say Sandberg and Zients used personal email accounts to communicate about key issues relating to their 2018 shareholder lawsuit alleging that Facebook official failed for years to protect the privacy of user data. The plaintiffs say the former board members were either “reckless or intentional” in destroying documents, even after being told to preserve records for litigation purposes. A defense attorney argued Monday that there was no intent or “grand scheme” to destroy relevant documents.The contest between No. 16 Colorado and Kansas was full of emotion on Saturday. The Buffaloes entered the contest with hopes of making the Big 12 Championship Game and College Football Playoff. Josh Pace with CBS Sports had put Colorado on before the game, as Kansas had defeated two ranked opponents, including then-undefeated No. 6 BYU, in their last two games. Javascript is required for you to be able to read premium content. Thanks for the feedback.Zulum seeks education reform to align graduates with industry needsEnanta Pharmaceuticals CEO sells $41,444 in stock
Finland beats US 4-3 in OT in world junior hockey; Canada rebounds from loss to top Germany 3-0
New Jersey Real Estate Attorney Christine Matus Shares Insights on Key Elements of a Purchase Offer Agreement 11-21-2024 11:06 PM CET | Politics, Law & Society Press release from: ABNewswire Real estate transactions require careful attention to detail, particularly when it comes to crafting a purchase offer agreement. This critical document serves as the foundation for any property transaction, outlining the terms between the buyer and seller to ensure clarity and avoid potential disputes. Christine Matus ( https://matuslaw.com/4-things-every-purchase-offer-agreement-include/ ), a leading New Jersey real estate attorney with The Matus Law Group, highlights the importance of having a comprehensive agreement that addresses the unique aspects of each transaction. "A purchase offer agreement is more than just a document-it's the roadmap for the entire real estate transaction," says New Jersey real estate attorney Christine Matus. "It ensures that both parties understand their rights and obligations, which helps to reduce the likelihood of misunderstandings or delays." In New Jersey, once both parties sign the purchase offer agreement, it becomes legally binding. The agreement typically covers key aspects such as the purchase price, property description, contingencies, and closing timelines. New Jersey real estate attorney Christine Matus advises that buyers and sellers alike benefit from taking the time to understand this document fully and ensuring its terms are tailored to their specific circumstances. Whether buying a first home or navigating a more complex transaction, a well-prepared agreement is essential to protecting one's interests. One of the most important elements of any purchase agreement is the inclusion of terms related to financing. Buyers should ensure the document reflects their needs and limitations when it comes to obtaining a mortgage. Matus explains that this can include specific contingencies, such as securing financing at a certain interest rate or loan type. "Adding these terms protects the buyer in case financing falls through or isn't available on acceptable terms," she notes. Such clauses provide a safety net that prevents buyers from being locked into a transaction they cannot afford to complete. Closing costs are another critical component of a purchase offer agreement. These costs, which can include title search fees, transfer taxes, and escrow fees, often become a point of negotiation between buyers and sellers. Christine Matus emphasizes that the allocation of these expenses should be explicitly stated in the agreement to avoid confusion. "If a buyer wants the seller to cover all or part of the closing costs, that must be clearly outlined in the contract," she says. Properly defining these responsibilities helps ensure smoother interactions between the parties as the transaction progresses. Home inspections are a common contingency included in purchase agreements, and for good reason. Inspections can reveal significant issues that may affect the value or safety of a property. Matus explains that this clause allows buyers to renegotiate or even withdraw their offer if serious problems are identified during the inspection process. "This type of contingency is essential for protecting buyers from unforeseen repair costs that could arise after closing," she advises. Buyers should work with their attorney to draft inspection-related provisions that offer flexibility while maintaining clear expectations. Timing also plays a crucial role in real estate transactions, particularly when buyers must sell their current home before completing the purchase of a new one. Christine Matus encourages buyers to include contingencies related to the sale of existing properties and realistic closing timelines in their agreements. "Without clear terms about these deadlines, buyers may find themselves in a difficult financial position, juggling two mortgages or dealing with unexpected delays," she warns. Buyers should also establish a timeline for closing, which typically ranges from 30 to 60 days, but may vary based on specific circumstances. Christine Matus points out that while many purchase agreements rely on standardized templates, these forms may not always address the unique needs of a transaction. Having an experienced real estate attorney review or customize the agreement can help prevent gaps or ambiguities that could lead to disputes. "A well-prepared purchase agreement is essential for protecting your rights and interests," says Matus. "Working with a knowledgeable attorney ensures that every detail is accounted for, so you can proceed with confidence." The Matus Law Group assists clients in reviewing and drafting purchase agreements that align with their goals and comply with New Jersey laws. Christine Matus emphasizes the importance of seeking professional guidance to navigate the complexities of real estate contracts. "Taking the time to get the agreement right at the outset can save buyers and sellers significant stress and expense later on," she adds. About The Matus Law Group: The Matus Law Group is a premier New Jersey law firm widely experienced in real estate law and dedicated to providing clients with tailored legal solutions. Led by attorney Christine Matus, the firm offers comprehensive services for buyers and sellers, ensuring that every real estate transaction is handled with professionalism and attention to detail. With a focus on protecting clients' rights and facilitating seamless property transfers, The Matus Law Group has earned a reputation as a trusted partner in the New Jersey real estate community. Embeds: Youtube Video: https://www.youtube.com/watch?v=4hcadDllXRU GMB: https://www.google.com/maps?cid=6876392708092026946 Email and website Email: admin@matuslaw.com Website: https://matuslaw.com/ Media Contact Company Name: Matus Law Group Contact Person: Christine Matus Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=new-jersey-real-estate-attorney-christine-matus-shares-insights-on-key-elements-of-a-purchase-offer-agreement ] Phone: (732) 281-0060 Address:81 E Water St #2C City: Toms River State: New Jersey 08753 Country: United States Website: https://matuslaw.com/ This release was published on openPR.The AP Top 25 men’s college basketball poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . ST. THOMAS, Virgin Islands (AP) — Johnny Kinziger scored 21 points including two free throws with five seconds left to lead Illinois State to an 84-83 win over UAB on Saturday. Kinziger shot 8 of 12 from the field, including 2 for 5 from 3-point range, and went 3 for 3 from the line for the Redbirds (4-2). Chase Walker scored 16 points and added eight rebounds. Ty Pence shot 3 for 7 (1 for 4 from 3-point range) and 3 of 3 from the free-throw line to finish with 10 points. Alejandro finished with 19 points for the Blazers (3-4). UAB also got 18 points from Efrem Johnson. Yaxel Lendeborg also had 14 points and seven assists. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
Canada got back in the win column at the world junior hockey championship. It wasn’t pretty. Oliver Bonk, Caden Price and Mathieu Cataford, into the empty net, scored as the wobbly host country picked up an unconvincing 3-0 victory over Germany on Sunday in Ottawa. Carter George made 25 saves to register the goaltender’s second straight shutout for the Canadians, who were coming off Friday’s stunning 3-2 upset loss to Latvia in a shootout. Nico Pertuch stopped 33 shots for Germany, which dropped its Group A opener at the men’s under-20 tournament to the United States 10-4 before falling 3-1 to Finland. Canada entered with a 17-0 record all-time and a combined 107-26 score against Germany at the world juniors, including last year’s 6-3 victory in Gothenburg, Sweden, and an 11-2 drubbing at the 2023 event in Halifax. Despite another sub-par performance, the victory sets up a New Year’s Eve matchup against the U.S. for first place in the pool after the Americans fell 4-3 to the Finns in overtime earlier Sunday. Canada suffered one of the powerhouse nation’s worst defeats in tournament history Friday when Latvia — outscored 41-4 in four previous meetings at the event — shocked the hockey world. And while the plucky Latvians were full marks for their victory, the Canadians were largely disjointed and surrendered the middle of the ice for long stretches despite firing 57 shots on goal. There was more of the same Sunday. Head coach Dave Cameron made a couple of changes to Canada’s lineup — one out of necessity and another for tactical reasons. With star defenceman Matthew Schaefer, who could go No. 1 at the 2025 NHL draft, out of the world juniors after suffering an upper-body injury against Latvia, Vancouver Canucks prospect Sawyer Mynio drew in. Cameron also sat forward Porter Martone in favour of Carson Rehkopf. Canada opened the scoring on the power play, which also had a new look after going 1-for-7 through the first two games, when Bonk scored from his normal bumper position in the slot off an Easton Cowan feed at 9:40 of the first period. Sam Dickinson then chimed a one-timer off the post on another man advantage before George, who was in goal for Canada’s 4-0 opener against the Finns, made a couple of stops on the penalty kill inside a red-clad Canadian Tire Centre. Petruch made a big stop off Tanner Howe in the second before also denying Calum Ritchie from the slot on a power play, but the Canadians again looked completely out of sorts against what was a decidedly inferior opponent on paper. Berkly Catton hit another post for Canada early in the third. Tanner Molendyk also found iron. Unable to register a 5-on-5 goal against either Latvia or Germany through more than 120 minutes of action, Price scored on a shot that caromed off the end boards and went in off Pertuch with 4:58 left in regulation to make it 2-0 before Cataford iced it into the empty net on another nervy night for the 20-time gold medallists. The U.S. beat Latvia 5-1 on Saturday, less than 24 hours after the Europeans’ upset of Canada. American captain Ryan Leonard said the Latvians were impressive — even on short rest. “That team’s no joke,” said the Washington Capitals prospect. “You can’t really treat anyone different, especially in this short of a tournament.” Germany will meet Latvia on Monday in a crucial game at the bottom of the Group A standings. Canada now turns its attention to Tuesday’s clash against the U.S.Specified Technologies Inc. Unveils Firestop Clash Management and Locator Updates
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Five things to look out for in the Welsh budget
DUP ministers Peter Robinson and Nigel Dodds were sanctioned in 2000 by Stormont’s leaders over their plan to disrupt the powersharing Executive. Minutes of an Executive meeting from June of that year state further action would be considered “as appropriate” if the DUP went ahead with a threat to rotate its ministers. The minutes are within files which have been declassified at the Public Record Office in Belfast. Devolved powersharing had been restored to Northern Ireland in May 2000 when Ulster Unionist leader David Trimble had received the backing of his party to go back into the Assembly, despite there having been no decommissioning of IRA arms at that point. Then DUP deputy leader Mr Robinson and Mr Dodds took up the offices as ministers for regional development and social development, but refused to attend Executive meetings due to the presence of Sinn Fein ministers. The party also said it would rotate its ministerial posts to prevent other parties from taking them. A minute of an Executive meeting on June 8 said Mr Robinson and Mr Dodds had refused a request from First Minister Mr Trimble and deputy First Minister Seamus Mallon to meet with them “to discuss recent public comments by the DUP concerning their positions as ministers”. The minute records that the Executive endorsed a proposal from the First and deputy First Ministers to write again to the two DUP ministers setting out sanctions against them. It says: “The First Minister and and Deputy First Minister would assume responsibility for representing the Executive Committee on transport matters at the British-Irish Council in place of the Minister for Regional Development. “The Minister for Social Development and the Minister for Regional Development would not be nominated to attend meetings of the Joint Ministerial Committee. “Pending the receipt of satisfactory assurances from DUP Ministers regarding the confidentiality and integrity of Executive Committee business, the Minister for Social Development and Minister for Regional Development would not receive Executive Committee papers as of right. “The First Minister and Deputy First Minister would seek briefing, as appropriate, from officials in the Department for Regional Development and Department for Social Development.” The minute continues: “If the DUP carried out their threat to change the holders of the two Ministerial offices on a frequent basis, the Executive Committee would consider other action as appropriate.” Mr Robinson and Mr Dodds resigned as ministers on June 27 and were replaced by party colleagues Gregory Campbell and Maurice Morrow. A minute from an Executive meeting that day says: “The Executive Committee noted that the Minister for Social Development and Minister for Regional Development would be resigning their posts that afternoon, and expressed concern at the proposed rotation of the ministries held by their Party Members.”
Rota’s Latte Quarry on As Nieves designated as a historic landmark
It’s been a horror year for many Australian brands forced to close their doors amid rising costs, with 40 per cent more businesses filing for insolvency since before the Covid-19 pandemic. CreditorWatch chief economist Ivan Colhoun said businesses were facing ongoing financial pressures much like their customers who were finding ways to cut their budget amid cost-of-living pressures. “Together with some greater caution in discretionary spending and softness in interest rate sensitive sectors of the economy, this unsurprisingly has led to higher voluntary business closures and some rise in insolvencies,” Mr Colhoun said. “We’re yet to see the extent to which the 1 July tax cuts now flowing through the economy will ease some of the pressures on consumers and businesses.” The latest CreditorWatch business risk index found that Aussie businesses were failing at their highest rate (5.04 per cent) since the height of the Covid-19 pandemic in October 2020 (5.08 per cent). The average failure rate for Australian businesses has climbed from 3.97 per cent in October last year. The food and beverage sector recorded the highest failure rate of all industries in October, increasing to 8.5 per cent from 8.3 per cent in the 12 months up to September this year. Administrative and support services were next with a 6.0 per cent failure rate in October, followed by arts and recreation services (5.9 per cent) and transport, postal and warehousing (5.8 per cent). Meanwhile, both the retail and construction industries look to be levelling out after each recorded a 5.5 per cent increase in insolvencies or business deregistrations during the same time period. Big brands under pressure During the 2023-2024 financial year, 2832 construction companies went into insolvency in Australia, according to ASIC data. Some of those failed companies will have lasting impacts on vital infrastructure and business projects across the country. Quasar Construction is just one of the construction companies that fell into administration this year. It continues to owe an estimated $60m to 600 creditors after its collapse earlier this year. The company’s collapse potentially impacts 10 projects across NSW, including a Bunnings, a $50m shopping centre and parts of the new Western Sydney Airport. Financial woes have also impacted the retail sector this year, with international brands like Dion Lee collapsing despite the company’s best efforts. Not even dressing US megastar Taylor Swift at the 2024 Super Bowl helped the popular fashion brand survive the horror year in fashion retail. Queensland University of Technology marketing professor Gary Mortimer told NewsWire that high-end fashion brands like Dion Lee had a “very small footprint and market size” that was hard to compete against brands such as Burberry or Chanel. “When you think about the likes of Chanel, even if their fashion business isn’t doing so well, they can certainly draw business from other revenue like make-up and cosmetics,” Mr Mortimer said. “Big brands like Louis Vuitton, Moet, and Hennessy have very differential business models, so if one element of the model or one element of the business isn’t working so well, they pull money from other businesses. “Dion Lee wasn’t able to do that.” Mr Mortimer said brands were having to come up with ways to beat their competition, but that didn’t always work out for the best. He said brands like Mosaic Brands, which went into voluntary administration in October owing $250m to creditors, tended to fall prey to “self cannibalisation”. Mosaic Brands confirmed it was in trouble earlier this year when it announced it would shut down its entities Autograph, BeMe, Crossroads, Rockmans and W.Lane in a bid to improve investment in its other brands Katies, Millers, Noni B and Rivers. Mosaic Brands had more than 700 stores and 10 online shops. Mr Mortimer said this type of retailing structure could be problematic in the long run. “Mosaic has five or six brands that are all targeting the same customer of the middle-aged woman,” he said. “It was all essentially the same type of product. “In a centre where you’d have two or three of the same brands, you’re all competing against yourself for the same customer.” Cost-of-living pressures The University of Sydney retail expert Lisa Asher said the cost-of-living crisis continuing to impact consumers’ discretionary spending was a major issue going against smaller Australian brands. “Those below 65, they’re going into savings, but those over 65 have the money (to spend),” Ms Asher told NewsWire. “Because of that, what it’s done is people have to priorities spend, and it’s shelter and food and basic necessities.” Mr Mortimer said consumers who were tightening their budgets could have a lasting impact on businesses. “Where we see discretionary spending categories like fashion, footwear or accessories sales have flatlined or in some cases have declined, it’s because households are more concerned about the cost of food, the cost of rent, servicing their mortgage, electricity bills going up and utilities bills going up,” he said. “In that certain economic climate, certain categories tends to trade less and decline in sales.” Ms Asher said consumers were more willing to turn to fast fashion, like Temu or Shein, when they want to buy something new instead of spending money on quality items. “What has happened because of this, within apparel, there’s been lot of changes within apparel and clothing,” she said. “Fast fashion and it’s actually killing off traditional apparel brands we’ve seen historically.” Trying to find a way forward Unfortunately, more businesses are likely to shut up shop in 2025. CreditorWatch forecasts food and beverage businesses are likely to fail at 9.1 per cent in the next 12 months. Mr Mortimer said retailers normally liked to rely on Christmas spending to help boost their profits as they head into the new year. “We still spend about $36bn in the month across the retail sector but that’s not more than what we spent last year,” he said. “As we move into the busy Christmas period, it’s projected that we will spend $69.7bn in the six weeks leading up to Christmas but that’s essentially what we spent last year. “Retailers aren’t expecting a significant kick in these sales as we move into the busy Christmas period.” But all eyes will be on the Reserve Bank of Australia in the new year as people look to see if interest rate relief is on the way. “A slowdown in the inflation rate will certainly help businesses, but we must remember this just means that price rises have slowed down, so the cost pressures remain,” CreditorWatch chief executive officer Patrick Coghlan, said. “In most cases, you won’t see the cost of goods and services coming down. “Businesses desperately need interest rates to come down so households have some relief in cost-of-living pressures and start spending more.” Originally published as Thousands of Australian businesses collapse during 2024 amid rising costsSnack maker Hearthside files for bankruptcy after child labor probe