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ORLANDO, Fla. — UCF coach Gus Malzahn is resigning after four seasons with the school. ESPN’s Pete Thamel was the first to report the move, which will see Malzahn to leave to take the offensive coordinator job at Florida State. Malzahn previously worked with FSU coach Mike Norvell during their time at Tulsa under then-coach Todd Graham from 2007-08. The Knights ended a disappointing 4-8 season in which they lost eight of their last nine games, the longest losing streak since 2015. Malzahn, 59, was in the fourth year of a contract through 2028. His buyout, it is reported, would have been $13.75 million. He finished 27-25 at UCF but lost 16 of his last 22 games and was a dismal 4-14 in two seasons in the Big 12. After back-to-back nine-win seasons in 2021-22, the Knights went 6-7 in 2023 and 4-8 in 2024. This season started with high expectations as Malzahn made sweeping changes to the program. He retooled the strength and conditioning department and hired Ted Roof and Tim Harris Jr. as defensive and offensive coordinators, respectively. He also added nearly 50 new players to the roster, leaning heavily on the transfer market. UCF started by winning its first three games against New Hampshire, Sam Houston and a thrilling comeback at TCU, but offensive struggles saw the Knights tumble through a TBD-game losing streak to finish the season. Terry Mohajir hired Malzahn on Feb. 15, 2021, six days after he was hired to replace Danny White. The move came eight weeks after Malzahn had been fired at Auburn after eight seasons of coaching the Tigers. The two briefly worked together at Arkansas State in 2012 before Malzahn left for the Auburn job. “When he [Mohajir] offered the job, I was like, ‘I’m in.’ There wasn’t thinking about or talking about ...,” Malzahn said during his introductory press conference. “This will be one of the best programs in college football in a short time. This is a job that I plan on being here and building it.” UCF opened the 2021 season with non-conference wins over Boise State and Bethune-Cookman before traveling to Louisville on Sept. 17, where quarterback Dillon Gabriel suffered a fractured collarbone in the final minute of a 42-35 loss. Backup Mikey Keene would finish out the season as Gabriel announced his intention to transfer. The Knights would finish the season on the plus side by accepting a bid to join the Big 12 Conference in September and then by defeating Florida 29-17 in the Gasparilla Bowl. Malzahn struck transfer portal gold in the offseason when he signed former Ole Miss quarterback John Rhys Plumlee. Plumlee, a two-sport star with the Rebels, helped guide UCF to the American Athletic Conference Championship in its final season. However, Plumlee’s injury forced the Knights to go with Keene and freshman Thomas Castellanos. The team finished with losses to Tulane in the conference championship and Duke in the Military Bowl. Plumlee would return in 2023 as UCF transitioned to the Big 12 but would go down with a knee injury in the final minute of the Knights’ 18-16 win at Boise State on Sept. 9. He would miss the next four games as backup Timmy McClain took over the team. Even on his return, Plumlee couldn’t help UCF, on a five-game losing streak to open conference play. The Knights got their first Big 12 win at Cincinnati on Nov. 4 and upset No. 15 Oklahoma State the following week, but the team still needed a win over Houston in the regular-season finale to secure a bowl bid for the eighth straight season. From the moment Malzahn stepped on campus, he prioritized recruiting, particularly in Central Florida. “We’re going to recruit like our hair’s on fire,” Malzahn said at the time. “We’re going to go after the best players in America and we’re not backing down to anybody.” From 2007 to 2020, UCF signed 10 four-star high school and junior college prospects. Eight four-star prospects were in the three recruiting classes signed under Malzahn. The 2024 recruiting class earned a composite ranking of 39 from 247Sports, the highest-ranked class in school history. The 2025 recruiting class is ranked No. 41 and has commitments from three four-star prospects. Malzahn has always leaned on the transfer market, signing 60 players over the past three seasons. Some have paid huge dividends, such as Javon Baker, Lee Hunter, Kobe Hudson, Tylan Grable, Bula Schmidt, Amari Kight, Marcellus Marshall, Trent Whittemore, Gage King, Ethan Barr, Deshawn Pace and Plumlee. Others haven’t been as successful, such as quarterback KJ Jefferson, who started the first five games of this season before being benched for poor performance. Jefferson’s struggles forced the Knights to play musical chairs at quarterback, with true freshman EJ Colson, redshirt sophomore Jacurri Brown and redshirt freshman Dylan Rizk all seeing action at one point or another this season. This season’s struggles led to several players utilizing the NCAA’s redshirt rule after four games, including starting slot receiver Xavier Townsend and kicker Colton Boomer, who have also entered the transfer portal. Defensive end Kaven Call posted a letter to Malzahn on Twitter in which he accused the UCF coaching staff of recently kicking him off the team when he requested to be redshirted. Get local news delivered to your inbox!What’s happening with Macy’s? Stock down, earnings and sales data delayed, employee accused of fraudulent accounting
Here's what we know about this year's Spotify Wrapped music listening recaps
OAKLAND — The race to be Oakland’s next mayor may have officially kicked off Monday, but the starting line is eerily quiet — and may continue to be until Rep. Barbara Lee makes up her mind about whether to run. Lee, the longtime East Bay congresswoman and stalwart of progressive politics, said late last week in a social media post that she will announce her decision in early January, noting the decision was “not one I take lightly.” In the meantime, Lee has held numerous private meetings with city officials about the issues affecting Oakland, from the ongoing budget crisis to homelessness to policing, two sources with direct knowledge of those conversations told this news organization. The policy “deep dive,” as a source not authorized to speak publicly put it, might offer reassurance to skeptics who worry that the retiring legislator, who has represented Oakland, Alameda, Berkeley and San Leandro in Congress since 1998, would struggle to adapt to running a city full-time. But the larger consequence of Lee’s decision-making timeline is that the run-up to the April 15 special election to replace Mayor Sheng Thao has largely stalled. Most candidates are holding off until Lee makes a move. Hours after the formal start on Monday of the candidate filing period, which lasts until Jan. 17, only two people had scheduled appointments to pull papers for the office — Peter Liu and Mindy Ruth Pechenuk , a pair of fringe prospects who are unlikely to make a dent in the race. Loren Taylor, the runner-up in the 2022 mayoral election, said Monday he plans to pull papers in the coming days, noting in an interview that his desire to help Oakland grow as a city won’t be affected by whom he’s running against. But others, such as former Councilmember Ignacio De La Fuente and lobbyist Isaac Kos-Read, have said they’re holding off. “To be candid, I’m getting a little restless — but out of respect I have to wait,” De La Fuente said Monday in an interview. “Hopefully, she’ll make a decision soon.” An open letter published last week by numerous Oakland leaders urging Lee to run included sign-offs from City Council members Nikki Fortunato Bas, Treva Reid and Dan Kalb, as well as prospective candidate Kos-Read. The letter included signatures from both labor leaders and local political figures who otherwise have often clashed on issues like crime and public spending. “We need someone who can bring the new ideas, policies, resources and opportunities that the people of Oakland deserve,” the letter read. “That person is Barbara Lee.” There are other examples of weighty political races symbolically put on hold amid “will they, won’t they” tension involving potential candidates, including late Sen. Dianne Feinstein’s indecision to run for California governor in 1998. But the upcoming special election in Oakland is unique in how strongly some local leaders seem to be thinking past the election entirely in their overtures to Lee, said political expert Dan Schnur. “These communities and business and labor leaders aren’t begging her to run because they think she’s the only one who can win,” Schnur said. “They think she’s the only one who can govern.” The clearest sign of how many in the city view Lee — who has often weighed in on local affairs to oppose Thao’s recall or support striking teachers or chastise the departing A’s — might be a billboard that popped up in recent weeks along Interstate 880 in East Oakland. “Thank You, Barbara Lee,” it reads, “for bringing over half a billion dollars of federal funds into Oakland in 2024!” The billboard, hoisted near the highway’s High Street exit, also links to a website, thankyoubarbaralee.com, which lists some of Lee’s accomplishments and includes a sign-up form “to add your name to our letter of gratitude!” Both the physical and digital ads were created by the East Oakland Youth Development Center. Selena Wilson, the nonprofit’s CEO, said the gesture had nothing to do with the upcoming special election and was solely intended to honor the congresswoman for her longtime support of the center. Nationally, Lee is perhaps best known for being the only member of Congress to oppose the use of military force following the Sept. 11, 2001, terrorist attacks. Her entry into the race would bring a layer of gravitas to the top political office in Oakland, a city whose reputation took a hit after crime rose and the economy declined during the pandemic. But it may also bring back memories of the mayoral tenure of the late Rep. Ron Delllums, whose decorated legacy was hurt by the perception that he was an absentee leader during the Great Recession, or former Gov. Jerry Brown, whose time as mayor coincided with the infamous Riders police brutality scandal. Taylor, meanwhile, is steadfast about wanting to lead, an ambition that has not diminished in the two years since his loss to Thao by fewer than 700 ranked-choice votes. “I think the fact that the others are playing a game of political calculus,” he said, “is indicative of where their leadership commitment is and how confident they are in what they’re bringing to the table.” Shomik Mukherjee is a reporter covering Oakland. Call or text him at 510-905-5495 or email him at shomik@bayareanewsgroup.com.
JERUSALEM — The ceasefire between Israel and Lebanon’s Hezbollah militants began early Wednesday as a region on edge wondered whether it will hold. The ceasefire announced Tuesday is a major step toward ending nearly 14 months of fighting sparked by the ongoing war in Gaza between Israel and Hamas. Israel said it will attack if Hezbollah breaks the ceasefire agreement. The ceasefire calls for an initial two-month halt to fighting and requires Hezbollah to end its armed presence in southern Lebanon, while Israeli troops are to return to their side of the border. An international panel led by the United States will monitor compliance. The ceasefire began at 4 a.m. Wednesday, a day after Israel carried out its most intense wave of airstrikes in Beirut since the start of the conflict that in recent weeks turned into all-out war. At least 42 people were killed in strikes across the country, according to local authorities. Smoke rises following an Israeli airstrike on Dahiyeh, in Beirut, Lebanon, Tuesday, Nov. 26, 2024. The ceasefire does not address the devastating war in Gaza , where Hamas is still holding dozens of hostages and the conflict is more intractable. There appeared to be lingering disagreement over whether Israel would have the right to strike Hezbollah if it believed the militants had violated the agreement, something Prime Minister Benjamin Netanyahu insisted was part of the deal but which Lebanese and Hezbollah officials have rejected. Israel's security Cabinet approved the U.S.-France-brokered ceasefire agreement after Netanyahu presented it, his office said. U.S. President Joe Biden, speaking in Washington, called the agreement “good news” and said his administration would make a renewed push for a ceasefire in Gaza. The Biden administration spent much of this year trying to broker a ceasefire and hostage release in Gaza but the talks repeatedly sputtered to a halt . President-elect Donald Trump has vowed to bring peace to the Middle East without saying how. Still, any halt to the fighting in Lebanon is expected to reduce the likelihood of war between Israel and Iran, which backs both Hezbollah and Hamas and exchanged direct fire with Israel on two occasions earlier this year. In this screen grab image from video provide by the Israeli Government Press Office, Israeli Prime Minister Benjamin Netanyahu makes a televised statement Tuesday, Nov. 26, 2024, in Jerusalem, Israel. Netanyahu presented the ceasefire proposal to Cabinet ministers after a televised address in which he listed accomplishments against Israel’s enemies across the region. He said a ceasefire with Hezbollah would further isolate Hamas in Gaza and allow Israel to focus on its main enemy, Iran. “If Hezbollah breaks the agreement and tries to rearm, we will attack,” he said. “For every violation, we will attack with might.” The ceasefire deal calls for a two-month initial halt in fighting and would require Hezbollah to end its armed presence in a broad swath of southern Lebanon, while Israeli troops would return to their side of the border. Thousands of additional Lebanese troops and U.N. peacekeepers would deploy in the south, and an international panel headed by the United States would monitor compliance. Biden said Israel reserved the right to quickly resume operations in Lebanon if Hezbollah breaks the terms of the truce, but that the deal "was designed to be a permanent cessation of hostilities.” A police bomb squad officer inspects the site where a rocket fired from Lebanon landed in a backyard in Kiryat Shmona, northern Israel, Tuesday Nov. 26, 2024. Netanyahu’s office said Israel appreciated the U.S. efforts in securing the deal but “reserves the right to act against every threat to its security.” Lebanon’s caretaker Prime Minister Najib Mikati welcomed the ceasefire and described it as a crucial step toward stability and the return of displaced people. Hezbollah has said it accepts the proposal, but a senior official with the group said Tuesday it had not seen the agreement in its final form. “After reviewing the agreement signed by the enemy government, we will see if there is a match between what we stated and what was agreed upon by the Lebanese officials,” Mahmoud Qamati, deputy chair of Hezbollah’s political council, told the Al Jazeera news network. “We want an end to the aggression, of course, but not at the expense of the sovereignty of the state," he said, referring to Israel's demand for freedom of action. “Any violation of sovereignty is refused.” Rescuers and residents search for victims Tuesday, Nov. 26, 2024, at the site of an Israeli airstrike that targeted a building in Beirut, Lebanon. Even as ceasefire efforts gained momentum in recent days, Israel continued to strike what it called Hezbollah targets across Lebanon while the militants fired rockets, missiles and drones across the border. An Israeli strike on Tuesday leveled a residential building in central Beirut — the second time in recent days warplanes have hit the crowded area near downtown. At least seven people were killed and 37 wounded, according to Lebanon's Health Ministry. Israel also struck a building in Beirut's bustling commercial district of Hamra for the first time, hitting a site around 400 meters (yards) from Lebanon’s Central Bank. There were no reports of casualties. The Israeli military said it struck targets linked to Hezbollah's financial arm. The evacuation warnings covered many areas, including parts of Beirut that previously were not targeted. Residents fled. Traffic was gridlocked, with mattresses tied to some cars. Dozens of people, some wearing pajamas, gathered in a central square, huddling under blankets or standing around fires as Israeli drones buzzed overhead. Israeli military spokesman Avichay Adraee issued evacuation warnings for 20 buildings in Beirut's southern suburbs, where Hezbollah has a major presence, as well as a warning for the southern town of Naqoura where the U.N. peacekeeping mission, UNIFIL, is headquartered. UNIFIL spokesperson Andrea Tenenti said peacekeepers will not evacuate. Israeli soldiers inspect the site Tuesday Nov. 26, 2024, where a rocket fired from Lebanon landed in a backyard in Kiryat Shmona, northern Israel. The Israeli military also said its ground troops clashed with Hezbollah forces and destroyed rocket launchers in the Slouqi area on the eastern end of the Litani River, a few kilometers (miles) from the Israeli border. Under the ceasefire deal, Hezbollah is required to move its forces north of the Litani, which in some places is about 30 kilometers (20 miles) north of the border. Hezbollah began firing into northern Israel on Oct. 8, 2023, saying it was showing support for the Palestinians, a day after Hamas carried out its attack on southern Israel, triggering the Gaza war. Israel returned fire on Hezbollah, and the two sides have exchanged barrages ever since. Israel escalated its bombardment in mid-September and later sent troops into Lebanon, vowing to put an end to Hezbollah fire so tens of thousands of evacuated Israelis could return to their homes. Israeli security officers and army soldiers inspect the site Tuesday Nov. 26, 2024, where a rocket fired from Lebanon landed in a backyard in Kiryat Shmona, northern Israel. More than 3,760 people have been killed by Israeli fire in Lebanon the past 13 months, many of them civilians, according to Lebanese health officials. The bombardment has driven 1.2 million people from their homes. Israel says it has killed more than 2,000 Hezbollah members. Hezbollah fire has forced some 50,000 Israelis to evacuate in the country’s north, and its rockets have reached as far south in Israel as Tel Aviv. At least 75 people have been killed, more than half of them civilians. More than 50 Israeli soldiers have died in the ground offensive in Lebanon. Chehayeb and Mroue reported from Beirut and Federman from Jerusalem. Associated Press reporters Lujain Jo and Sally Abou AlJoud in Beirut and Aamer Madhani in Washington contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Stay up-to-date on the latest in local and national government and political topics with our newsletter.INDIANAPOLIS – It’s been four weeks since Indianapolis Colts head coach Shane Steichen announced the postseason was the franchise’s top priority and veteran Joe Flacco would take over as the starting quarterback. The Colts (5-7) have won just a single game since, and 22-year-old Anthony Richardson has been reinstated as the starter. Indianapolis has lost plenty of ground in the playoff chase over the last month, but it’s still got a chance to make a run. The Colts enter the week in ninth place in the AFC, two games behind the Denver Broncos (7-5) for the seventh and final postseason berth. That’s not great math for Indianapolis, and there is little to no margin for error, but with the teeth of the schedule in the rearview mirror, there is hope. The Colts play just one team with a winning record over their final five games. That’s a Dec. 15 date against the Broncos that could ultimately seal the team’s playoff fate. The stretch run begins Sunday on the road against the New England Patriots (3-9) with the bye week to follow. The final three games are at home against the Tennessee Titans (3-8), at the New York Giants (2-9) and at home against the Jacksonville Jaguars (2-9). “I think, right now, where we’re at in the season, with everything set ahead of us, still being in that picture, one game on the road against New England going into the bye, we’ve got a chance to catch our breath and regroup for the last, final run,” linebacker Zaire Franklin said. “I think we’re in a special, unique position to where – why not go on a run? Why not us? I’ve done it before. “To be honest with you, I hate that I’m always in this position, but I’ve been there before, and I think the reality of the situation is that it just takes one. It just takes one play. It just takes one game. It just takes one to get the ball rolling, to get this momentum shifted, to get that energy back and get it rolling and get into the dance. Because I think, at the end of the day, as long as you get into the dance, that’s all that matters.” Franklin was a rookie in 2018 when Indianapolis went 10-1 down the stretch to overcome a 1-5 start and sneak into the postseason with the final berth. The 2021 Colts went 6-1 in November and December to get to 9-6 and position themselves for a playoff spot before losing their final two games in January. And Indianapolis won four straight to end November and begin December last year, enabling itself to force a winner-takes-all battle against the Houston Texans in the regular-season finale. The Colts went 1-3 in November this year, but they have a chance to turn things around in the final full month of the regular season. “Obviously, these last five games will be big,” Steichen said. “Right now we’ve got to take it one day at a time, one meeting at a time, one practice at a time, one game at a time to get to where we want to be at the end of the year. But we know this is a huge week for us coming up before the bye. So the fundamentals, the details, the attention to details, are going to be huge going into this week and then coming back after the bye. Get some guys back hopefully, be ready to roll for that four-game stretch.” If Indianapolis’ fortunes are to turn around again, it will need to begin with the offense. The Colts rank 21st in the 32-team NFL with an average of 20.2 points per game and are 17th in rushing offense and 24th in the passing game. Center Tanor Bortolini (concussion) and wide receiver Josh Downs (shoulder) are among the players in danger of missing the trip to New England, increasing the degree of difficulty for a struggling unit. But improvement in situational details could go a long way toward fixing what fails the offense. Indianapolis ranks 23rd with a 36% conversion rate on third down, and it’s 24th with a 52.8% touchdown rate in the red zone. Those numbers are the keys to finishing drives and putting more points on the scoreboard. “We just need to take advantage of our scoring opportunities, and we need to come away with seven (points) instead of three because we got down there – we just couldn't finish,” wide receiver Michael Pittman Jr. said, referring specifically to last week’s 24-6 loss against the Detroit Lions in which the Colts twice failed to reach the end zone from inside the visitors’ 20-yard line. “If we start putting up sevens instead of threes, then you don't know what happens, right? The score is a lot closer and football is football and momentum is king, and who knows?”
PARIS, Dec 24 — Beloved British animated couple Wallace and Gromit are returning to screens in their first feature-length film in 20 years for a typically mad-cap adventure that spotlights the dangers of technology in the wrong hands. Vengeance Most Fowl will air on the BBC on Christmas Day for the first time before being made available on the Netflix platform from January 3 worldwide. Inventor and director Nick Park has returned to the technology theme that he explored in his 1993 Oscar-winning hit The Wrong Trousers , but updated to take into account the advent of artificial intelligence (AI). The tale centres on tea and cheese-loving Wallace’s latest invention: an “intelligent” robotic gnome called Norbot, which helps around the house and garden, threatening to replace the ever-loyal Gromit, who takes pride in the daily tasks of life. “Wallace is completely deluded and obsessed, whereas Gromit represents the human touch,” Park told AFP in a pre-release interview. “He likes doing his gardening. It’s not about just seeing an end result, it’s the act of doing that is enjoyable. “I love the fact that we have technology. We have to just sometimes ask: is it always enhancing our lives and our relationships, or is it somehow diminishing them in some way?” ‘Real humans’ Park has shown loyalty to the idea of “doing” throughout his four-decade career and still insists on real-world modelling to create Wallace and Gromit instead of resorting to computerised imagery. At his Aardman Animations studio — makers of other hits including Chicken Run and Shaun the Sheep — films are shot frame-by-frame, with clay models slowly moved and altered in a technique known as “stop motion” that dates back to the dawn of cinema. At their fastest rate, the 200-person production team for Vengeance Most Fowl produced two minutes of film per week. “Everything’s made by real human beings and that hopefully shines off the screen,” Park said. The limitations actually spur creativity, he insists, and are a core part of the franchise’s appeal. “With CGI (computer-generated imagery) I guess you are tempted to just use it to the full. You’ve got everything at your disposal,” he said. “Whereas I think if you don’t have that, you tend to be more creative with what little you’ve got.” The film sees the return of the villainous penguin Feathers McGraw from The Wrong Trousers , which won an Oscar for best short animated film. Feathers McGraw is blank-faced throughout, but his on-screen menace is always obvious — often to comical effect — while a full range of emotions are expressed, as ever, through the legendary eyebrows of Gromit. “Very small nuanced movements can say a lot,” Park said. One small change to listen out for in the new film is Wallace’s new voice after the death of English actor Peter Sallis, who had played him since his debut in 1989. Sallis has been replaced by Ben Whitehead, an English voice artist and actor who collaborated with Park on the last full-length Wallace and Gromit film, The Curse of the Were-Rabbit , released in 2005. — AFP
NoneJimmy Carter had the longest post-presidency of anyone to hold the office, and one of the most active. Here is a look back at his life. 1924 — Jimmy Carter was born on Oct. 1 to Earl and Lillian Carter in the small town of Plains, Georgia. 1928 — Earl Carter bought a 350-acre farm 3 miles from Plains in the tiny community of Archery. The Carter family lived in a house on the farm without running water or electricity. 1941 — He graduated from Plains High School and enrolled at Georgia Southwestern College in Americus. 1942 — He transferred to Georgia Institute of Technology in Atlanta. 1943 — Carter’s boyhood dream of being in the Navy becomes a reality as he is appointed to the U.S. Naval Academy in Annapolis, Maryland. 1946 — He received his naval commission and on July 7 married Rosalynn Smith of Plains. They moved to Norfolk, Virginia. 1946-1952 — Carter’s three sons are born, Jack in 1947, Chip in 1950 and Jeff in 1952. 1962-66 — Carter is elected to the Georgia State Senate and serves two terms. 1953 — Carter’s father died and he cut his naval career short to save the family farm. Due to a limited income, Jimmy, Rosalynn and their three sons moved into Public Housing Apartment 9A in Plains. 1966 — He ran for governor, but lost. 1967 — Jimmy and Rosalynn Carter’s fourth child, Amy, is born. 1971 — He ran for governor again and won the election, becoming Georgia’s 76th governor on Jan. 12. 1974 — Carter announced his candidacy for president. 1976 — Carter was elected 39th president on Nov. 2, narrowly defeating incumbent Gerald Ford. 1978 — U.S. and the Peoples’ Republic of China establish full diplomatic relations. President Carter negotiates and mediates an accord between Egypt and Israel at Camp David. 1979 — The Department of Education is formed. Iranian radicals overrun the U.S. Embassy and seize American hostages. The Strategic Arms Limitations Treaty is signed. 1980 — On March 21, Carter announces that the U.S. will boycott the Olympic Games scheduled in Moscow. A rescue attempt to get American hostages out of Iran is unsuccessful. Carter was defeated in his bid for a second term as president by Ronald Reagan in November. 1981 — President Carter continues to negotiate the release of the American hostages in Iran. Minutes before his term as president is over, the hostages are released. 1982 — Carter became a distinguished professor at Emory University in Atlanta, and founded The Carter Center. The nonpartisan and nonprofit center addresses national and international issues of public policy. 1984 — Jimmy and Rosalynn Carter volunteer one week a year for Habitat for Humanity, a nonprofit organization that helps needy people in the United States and in other countries renovate and build homes, until 2020. He also taught Sunday school in the Maranatha Baptist Church of Plains from the mid-’80s until 2020. 2002 — Awarded the Nobel Peace Prize. 2015 — Carter announced in August he had been diagnosed with melanoma that spread to his brain. 2016 — He said in March that he no longer needed cancer treatment. 2024 — Carter dies at 100 years old. Sources: Cartercenter.org, Plains Historical Preservation Trust, The Associated Press; The Brookings Institution; U.S. Navy; WhiteHouse.gov, Gallup
SEMICONDUCTOR Manufacturing International Corporation’s (SMIC) stock has more than doubled over the past two months on an expected boost from China’s self-reliance push, even amid risks tied to competition and geopolitical tensions. Shanghai-listed shares of China’s largest outsourced chipmaker are up 120 per cent from a September low, trouncing global sector names including Nvidia and Taiwan Semiconductor Manufacturing Company. The mainland stock has outperformed SMIC’s Hong Kong shares by almost 50 percentage points, underscoring stronger demand from onshore Chinese investors. Expectations for Donald Trump’s presidency have pumped up shares of SMIC and local peers as beneficiaries of China’s drive to localise manufacturing. Some analysts and fund managers caution that the stocks now look expensive, while China’s chip industry faces ongoing issues of economic malaise and restricted access to crucial technologies. “There is a lot of speculative buying and the trading is based on news events instead of fundamentals,” so volatility should be expected, said Xiang Xiaotian, a director at Shanghai Chengzhou Investment Management. “The main trading thesis is domestic substitution as Chinese companies will need to turn to local chipmakers.” China has been outspending other nations on chips as it struggles to narrow the wide technology gap with Western nations. Expected benefits from Beijing’s latest pledges of stimulus have served as an additional catalyst for SMIC and domestic peers including Hua Hong Semiconductor whose onshore shares are up 78 per cent from their September low. SMIC forecast higher-than-expected sales growth for this quarter as its competitive prices lured local chip designers, according to Bloomberg Intelligence. More broadly, China foundries “bottomed out earlier” than other global manufacturers of less-advanced chips, Counterpoint Research wrote in a note in August. Even if demand for these so-called legacy semiconductors used in auto and industrial applications improves, however, China remains far behind in artificial intelligence (AI) and other advanced areas due to US-led restrictions that prevent it from acquiring the most advanced manufacturing equipment. For example, Huawei Technologies’s ambitions to create more powerful chips have hit major snags because of US sanctions, sources familiar with the matter said. “Artificial intelligence is a small blessing for SMIC and Hua Hong,” Morningstar analyst Phelix Lee wrote in a report. The pair may not be moving quickly enough to capture demand for high-end power chips used in data centres, he said, adding that if Chinese AI startups lose access to advanced processors that would also hurt demand for peripheral chips supplied by SMIC and Hua Hong. Meanwhile, SMIC’s outsized share-price gain is likely to drive increased scrutiny of its earnings and other metrics. Some observers also note the potential for rivals such as TSMC to lower prices for making legacy chips, putting pressure on SMIC’s pricing power. “We acknowledge the stronger localisation demand and gross margin sustainability of SMIC,” Morgan Stanley analysts including Charlie Chan wrote in a note. “However, we believe the competition from foundries may get more intense in 2025. In addition, SMIC’s trading valuation does not look attractive to us.” The Hong Kong-listed stock is trading at a forward price-to-book ratio of 1.2 times, above its three-year average level of 0.9 times. Valuation based on book value is seen as more useful than earnings-based multiples for evaluating asset-heavy, cyclical businesses such as chip foundries. SMIC and Hua Hong both look overvalued, “as the market may have overestimated the extent of average selling price recovery”, Morningstar’s Lee said. “Also, the market can be overbullish on the impact of fiscal stimulus.” BLOOMBERG
Historic mission brings NASA closer to sun than ever before