DETROIT (AP) — For a second time, a Delaware judge has nullified a pay package that Tesla had awarded its CEO, Elon Musk, that once was valued at $56 billion. On Monday, Chancellor Kathaleen St. Jude McCormick turned aside a request from Musk's lawyers to reverse a ruling she announced in January that had thrown out the compensation plan. The judge ruled then that Musk effectively controlled Tesla's board and had engineered the outsize pay package during sham negotiations . Lawyers for a Tesla shareholder who sued to block the pay package contended that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. In their defense, Tesla's board members asserted that the shareholders who ratified the pay plan a second time in June had done so after receiving full disclosures, thereby curing all the problems the judge had cited in her January ruling. As a result, they argued, Musk deserved the pay package for having raised Tesla's market value by billions of dollars. McCormick rejected that argument. In her 103-page opinion, she ruled that under Delaware law, Tesla's lawyers had no grounds to reverse her January ruling “based on evidence they created after trial.” On Monday night, Tesla posted on X, the social media platform owned by Musk, that the company will appeal. The appeal would be filed with the Delaware Supreme Court, the only state appellate court Tesla can pursue. Experts say a ruling would likely come in less than a year. “The ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners — the shareholders,” Tesla argued. Later, on X, Musk unleashed a blistering attack on the judge, asserting that McCormick is “a radical far left activist cosplaying as a judge.” Legal authorities generally suggest that McCormick’s ruling was sound and followed the law. Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, said that in his view, McCormick was right to rule that after Tesla lost its case in the original trial, it created improper new evidence by asking shareholders to ratify the pay package a second time. Had she allowed such a claim, he said, it would cause a major shift in Delaware’s laws against conflicts of interest given the unusually close relationship between Musk and Tesla’s board. “Delaware protects investors — that’s what she did,” said Elson, who has followed the court for more than three decades. “Just because you’re a ‘superstar CEO’ doesn’t put you in a separate category.” Elson said he thinks investors would be reluctant to put money into Delaware companies if there were exceptions to the law for “special people.” Elson said that in his opinion, the court is likely to uphold McCormick's ruling. Experts say no. Rulings on state laws are normally left to state courts. Brian Dunn, program director for the Institute of Compensation Studies at Cornell University, said it's been his experience that Tesla has no choice but to stay in the Delaware courts for this compensation package. The company could try to reconstitute the pay package and seek approval in Texas, where it may expect more friendlier judges. But Dunn, who has spent 40 years as an executive compensation consultant, said it's likely that some other shareholder would challenge the award in Texas because it's excessive compared with other CEOs' pay plans. “If they just want to turn around and deliver him $56 billion, I can't believe somebody wouldn't want to litigate it,” Dunn said. “It's an unconscionable amount of money.” Almost certainly. Tesla stock is trading at 15 times the exercise price of stock options in the current package in Delaware, Morgan Stanley analyst Adam Jonas wrote in a note to investors. Tesla's share price has doubled in the past six months, Jonas wrote. At Monday’s closing stock price, the Musk package is now worth $101.4 billion, according to Equilar, an executive data firm. And Musk has asked for a subsequent pay package that would give him 25% of Tesla's voting shares. Musk has said he is uncomfortable moving further into artificial intelligence with the company if he doesn't have 25% control. He currently holds about 13% of Tesla's outstanding shares.
CLEVELAND (AP) — Shane Bieber's first venture into free agency turned into a return trip. The 2020 AL Cy Young Award winner agreed Friday to rejoin the Cleveland Guardians after making just two starts last season before undergoing Tommy John surgery, a person familiar with the negotiations told The Associated Press. Bieber had been expected to leave the AL Central champions. But he's coming back after agreeing to a one-year, $14 million contract that includes a $16 million player option for 2026, said the person, who spoke on condition of anonymity because the deal had not been announced. Bieber’s deal will pay him $10 million in salary and includes a $4 million buyout. The 29-year-old only pitched twice in 2024 before having the surgery on his elbow that bothered him during the previous campaign. Bieber felt discomfort in his start on opening day against the Oakland Athletics and again when he faced the Seattle Mariners his next outing. Bieber didn't allow a run in either start, and the club had been encouraged by his velocity and dominance (20 strikeouts). But the elbow became too painful and Bieber elected to have the ligament-replacement surgery. If his recovery follows a normal timeline, Bieber should be back in Cleveland's rotation within the first three months of next season. The Guardians feared his loss would hurt them last season, but the club got off to a fast start under first-year manager Stephen Vogt and ran away with the division title. Cleveland eliminated Detroit in the AL Division Series before losing the ALCS to the New York Yankees in five games. Bieber spent chunks of last season with the team and he received a huge ovation at Progressive Field when he was introduced before the postseason series. The two-time All-Star has spent all seven of his big league seasons with Cleveland, which had contemplated trading him before his elbow issues in 2023 limited him to 21 starts. During the shortened COVID-19 season in 2020, Bieber went 8-1 with a 1.63 ERA over 12 starts and 77 1/3 innings with 122 strikeouts. He led the majors in wins, ERA and strikeouts and finished fourth in AL MVP voting. He was selected by Cleveland in the fourth round of the 2016 amateur draft out of UC Santa Barbara and made his major league debut two years later on his 23rd birthday. Bieber has a career record of 62-32 with a 3.22 ERA over 136 outings spanning 134 starts and 843 innings. He has twice reached 200 innings, throwing a career-high 214 1/3 in 2019. AP MLB: https://apnews.com/hub/mlb
CLEVELAND (AP) — Shane Bieber's first venture into free agency turned into a return trip. The 2020 AL Cy Young Award winner agreed Friday to rejoin the Cleveland Guardians after making just two starts last season before undergoing Tommy John surgery, a person familiar with the negotiations told The Associated Press. Bieber had been expected to leave the AL Central champions. But he's coming back after agreeing to a one-year, $14 million contract that includes a $16 million player option for 2026, said the person, who spoke on condition of anonymity because the deal had not been announced. Bieber’s deal will pay him $10 million in salary and includes a $4 million buyout. The 29-year-old only pitched twice in 2024 before having the surgery on his elbow that bothered him during the previous campaign. Bieber felt discomfort in his start on opening day against the Oakland Athletics and again when he faced the Seattle Mariners his next outing. Bieber didn't allow a run in either start, and the club had been encouraged by his velocity and dominance (20 strikeouts). But the elbow became too painful and Bieber elected to have the ligament-replacement surgery. If his recovery follows a normal timeline, Bieber should be back in Cleveland's rotation within the first three months of next season. The Guardians feared his loss would hurt them last season, but the club got off to a fast start under first-year manager Stephen Vogt and ran away with the division title. Cleveland eliminated Detroit in the AL Division Series before losing the ALCS to the New York Yankees in five games. Bieber spent chunks of last season with the team and he received a huge ovation at Progressive Field when he was introduced before the postseason series. The two-time All-Star has spent all seven of his big league seasons with Cleveland, which had contemplated trading him before his elbow issues in 2023 limited him to 21 starts. During the shortened COVID-19 season in 2020, Bieber went 8-1 with a 1.63 ERA over 12 starts and 77 1/3 innings with 122 strikeouts. He led the majors in wins, ERA and strikeouts and finished fourth in AL MVP voting. He was selected by Cleveland in the fourth round of the 2016 amateur draft out of UC Santa Barbara and made his major league debut two years later on his 23rd birthday. Bieber has a career record of 62-32 with a 3.22 ERA over 136 outings spanning 134 starts and 843 innings. He has twice reached 200 innings, throwing a career-high 214 1/3 in 2019. AP MLB: https://apnews.com/hub/mlbENGLEWOOD, Colo. — John Elway says any remorse over bypassing Josh Allen in the 2018 NFL draft is quickly dissipating with rookie Bo Nix's rapid rise, suggesting the Denver Broncos have finally found their next franchise quarterback. Elway said Nix, the sixth passer selected in April's draft, is an ideal fit in Denver with coach Sean Payton navigating his transition to the pros and Vance Joseph's defense serving as a pressure release valve for the former Oregon QB. "We've seen the progression of Bo in continuing to get better and better each week and Sean giving him more each week and trusting him more and more to where last week we saw his best game of the year," Elway said in a nod to Nix's first game with 300 yards and four touchdown throws in a rout of Atlanta. For that performance, Nix earned his second straight NFL Rookie of the Week honor along with the AFC Offensive Player of the Week award. "I think the sky's the limit," Elway said, "and that's just going to continue to get better and better." In a wide-ranging interview with The Associated Press, Elway also touted former coach Mike Shanahan's Hall of Fame credentials, spoke about the future of University of Colorado star and Heisman favorite Travis Hunter and discussed his ongoing bout with a chronic hand condition. Elway spent the last half of his decade as the Broncos' GM in a futile search for a worthy successor to Peyton Manning, a pursuit that continued as he transitioned into a two-year consultant role that ended after the 2022 season. "You have all these young quarterbacks and you look at the ones that make it and the ones that don't and it's so important to have the right system and a coach that really knows how to tutelage quarterbacks, and Sean's really good at that," Elway said. "I think the combination of Bo's maturity, having started 61 games in college, his athletic ability and his knowledge of the game has been such a tremendous help for him,'" Elway added. "But also Vance Joseph's done a heck of a job on the defensive side to where all that pressure's not being put on Bo and the offense to score all the time." Payton and his staff have methodically expanded Nix's repertoire and incorporated his speed into their blueprints. Elway lauded them for "what they're doing offensively and how they're breaking Bo into the NFL because it's a huge jump and I think patience is something that goes a long way in the NFL when it comes down to quarterbacks." Elway said he hopes to sit down with Nix at some point when things slow down for the rookie. Nix, whose six wins are one more than Elway had as a rookie, said he looks forward to meeting the man who won two Super Bowls during his Hall of Fame playing career and another from the front office. "He's a legend not only here for this organization, but for the entire NFL," Nix said, adding, "most guys, they would love to have a chat with John Elway, just pick his brain. It's just awesome that I'm even in that situation." Orange Crush linebacker Randy Gradishar joined Elway in the Pro Football Hall of Fame this year, something Elway called "way, way overdue." Elway suggested it's also long past time for the Hall to honor Shanahan, who won back-to-back Super Bowls in Denver with Elway at QB and whose footprint you see every weekend in the NFL because of his expansive coaching tree. Elway called University of Colorado stars Travis Hunter and Shedeur Sanders "both great athletes." He said he really hopes Sanders gets drafted by a team that will bring him along like the Broncos have done with Nix, and he sees Hunter being able to play both ways in the pros — but not full time. Elway said he thinks Hunter will be primarily a corner in the NFL but with significant contributions on offense: "He's great at both. He's got great instincts, and that's what you need at corner." It's been five years since Elway announced he was dealing with Dupuytren's contracture, a chronic condition that typically appears after age 40 and causes one or more fingers to permanently bend toward the palm. Elway's ring fingers on both hands were originally affected and he said now the middle finger on his right hand is starting to pull forward. So, he'll get another injection of a drug called Xiaflex, which is the only FDA-approved non-surgical treatment, one that he's endorsing in an awareness campaign for the chronic condition that affects 17 million Americans. The condition can make it difficult to do everyday tasks such as shaking hands or picking up a coffee mug. Elway said what bothered him most was "I couldn't pick up a football and I could not imagine not being able to put my hand around a football." Get local news delivered to your inbox!
‘Call of Duty Black Ops 6’ Introduces a Limited Event Alongside a New PatchMuseums are many things, but in today’s day and age they’ve taken on a whole new role in the world. During Robb Report ’s House of Robb at Miami Art Week on Thursday, museum executives and advisers came together to discuss how museums function in the 21 st century. One area of agreement? That cultural institutions are serving as a new town square, a place where people come together to discuss the issues of the day. “We feel more important now than we have in a long time,” said Christopher Bedford, the director of the San Francisco Museum of Modern Art. “That’s such a great privilege—to be a gathering place for people to be together, think together, negotiate some of the difficult problems of the day together. . .We shouldn’t be mini dictatorships wherein we advance to you the best artists, the best politics, the best way of writing, thinking, speaking. I think what we’re supposed to be doing is encouraging critical thinking, empowering people to think critically. . .And I think that’s the obligation of the town square.” Over the past several years, museums have been at the center of many inflection points, whether it’s the pandemic, efforts to advance diversity and inclusion, or the recent war in Gaza. They’ve dealt both internally and externally with those topics, and have served as locations for both protest and resistance. That’s forced them to become even more clear about their own principles, says Madeleine Grynsztejn , the director of the Museum of Contemporary Art Chicago. “Shit will happen, and when it does, you have to be very, very clear—before, during, and after—about your principles, and that’s where your mission and your vision and your stated policies all have to come into play,” she said. “None of that is going to work if you don’t know your principles, if they’re not super clear, and if you don’t have the discernment to choose great artists and put them up on the walls and interpret them well.” One of those principles, across the museum landscape, is support of freedom of expression and free speech, whatever an artist’s politics may be. It’s a fine line that museum executives walk, but one that Bedford and Grynsztejn agreed was necessary for museums to defend. And to that point, the cultural strategy adviser András Szántó, who works with many museums, added that while these institutions have to stand behind their artists, they also have to stand behind one another. “We need more of a NATO attitude, so that when institutions are attacked—whether from the center, from the left, or the right—that they support each other,” Szántó said. “There’s a lot of solidarity that may be necessary between museums and all kinds of cultural institutions as these dramas inevitably play out in our cities.”
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HAMILTON TOWNSHIP, N.J. , Dec. 5, 2024 /PRNewswire/ -- Billtrust , a B2B order-to-cash and digital payments market leader, has been named a Leader in two IDC MarketScape reports – IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment (doc #US51740924, December 2024 ) and IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment (doc #US52692224, December 2024 ). Billtrust was one of 14 providers evaluated for the enterprise report and one of 11 providers in the small and midmarket report. The IDC MarketScapes evaluate a broad set of SaaS and cloud-enabled accounts receivable automation software vendors based on innovation, functionality, range of services, customer satisfaction, cloud capabilities and architecture. "Billtrust is a Leader in the Accounts Receivable Automation Applications for Enterprise and Small and Midmarket," said Kevin Permenter , Research Director, Financial Applications at IDC. "Billtrust attempts to differentiate itself with a scalable, unified solution that simplifies AR processes and improvement to the payment experience their clients provide their customers, all while empowering their AR teams to turn financial data into insights that contribute to their business strategy. They offer an extensive suite of payment management capabilities designed to streamline and automate the accounts receivable process." Billtrust was recognized for the following strengths: The news of Billtrust's recognition as a Leader in the IDC MarketScape comes as B2B businesses are leveraging technology like generative AI to boost efficiency and optimize operations as they grapple with the challenges of cash flow management, according to a recent IDC InfoBrief study (IDC InfoBrief, sponsored by Billtrust, "AI Pushing the Boundaries of What's Possible for OTC," IDC #US52446224, August 2024 ). Billtrust recently announced new generative AI functionality within its accounts receivable software platform to empower finance professionals to better understand their business, make strategic decisions, maximize cash flow and engage customers more effectively. "We are honored to be recognized as a Leader in the IDC MarketScape, which we believe reflects our dedication to innovation, digital transformation, and delivering exceptional customer outcomes," said Sunil Rajasekar , CEO of Billtrust. "In 2024, we achieved remarkable milestones, including the launch of our generative AI tool, Billtrust Finance Co-Pilot, which provides unmatched, in-depth analysis of customer data. We are proud to support finance teams in working more efficiently, accelerating payments, and enhancing the buyer experience." About IDC MarketScape IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers. About Billtrust Finance leaders turn to Billtrust to get paid faster while controlling costs, accelerating cash flow and maximizing customer satisfaction. As a B2B order-to-cash software and digital payments market leader, we help the world's leading brands move finance forward with AI-powered solutions to transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments. With more than $1 trillion invoice dollars processed, Billtrust delivers business value through deep industry expertise and a culture relentlessly focused on delivering meaningful customer outcomes. Media Contact Paul Accardo PR@billtrust.com View original content to download multimedia: https://www.prnewswire.com/news-releases/billtrust-named-a-leader-in-idc-marketscape-for-worldwide-accounts-receivable-automation-software-for-enterprise-and-small-and-midmarket-2024-302324426.html SOURCE BilltrustWASHINGTON (AP) — President Joe Biden's decision to break his word and pardon his son Hunter has spurred a broader discussion about what else he should be doing with the broad clemency powers of the presidency before he leaves office in January, including whether he should be pardoning Donald Trump. Biden on Tuesday ducked questions about his son, ignoring calls for him to explain his reversal as he was making his first presidential trip to Angola . He dismissed shouted questions about the matter with a laugh during a meeting with Angolan President João Lourenço at the presidential palace, telling the Angolan delegation: “Welcome to America.” Biden was not scheduled to take questions from the press during his trip to Africa, and he has largely avoided interactions with reporters since President-elect Trump’s victory last month. Biden’s decision to offer his son a blanket pardon for actions over the past 11 years has sparked a political uproar in Washington, after the president repeatedly had said he would not use his extraordinary powers for the benefit of his family. Biden claimed that the Justice Department had presided over a “miscarriage of justice” in prosecuting his son, using some of the same language that Trump uses to describe his own legal predicaments. Biden's reversal drew criticism from many Democrats , who are working to calibrate their approach to Trump as he prepares to take over the Oval Office in seven weeks. There is concern the pardon — and Biden's claims that his son was prosecuted for political reasons — will erode their ability to push back on the incoming president’s legal moves. And it has threatened to cloud Biden's legacy as he prepares to leave office on Jan. 20. Hunter Biden is the closest presidential relative ever to be granted clemency, but other leaders have pardoned family members and close friends. Bill Clinton pardoned his brother Roger for drug charges after Roger Clinton had served his sentence. By the time Trump left office after his first term, he had issued 144 pardons, which included Charles Kushner , the father of his son-in law, Jared Kushner. He also pardoned fervent supporters Steve Bannon, Roger Stone, Paul Manafort, Michael Flynn and other people convicted in special counsel Robert Mueller’s Russia investigation. In the months after the 2020 election, Trump and his allies were trying to overturn his loss, a failed effort that culminated in the violent riot by his supporters at the Capitol on Jan. 6, 2021. There were discussions at the time over whether Trump would preemptively pardon some of those involved in the effort — and maybe even himself — before he left office. But that never happened. Now, Democrats are having similar discussions about preemptive pardons on their side because of Trump's rhetoric on the campaign trail. He's made no secret of his desire to seek revenge on those who prosecuted him or crossed him. He talks about "enemies from within." He's circulated social media posts that call for the jailing of Biden, Vice President Kamala Harris, former Vice President Mike Pence and Sens. Mitch McConnell and Chuck Schumer. He's also taken aim at Liz Cheney, a conservative Republican who campaigned for Harris, promoting a social media post that suggested he wanted military tribunals to punish her because she was guilty of treason. Sen. Ed Markey, a Massachusetts Democrat, said last week on Boston Public Radio that Biden might consider broad pardons to protect people against whatever wrath Trump may seek, but also as a way to move the country past this acrimonious and divided time. “I think that without question, Trump is going to try to act in a dictatorial way, in a fascistic way, in a revengeful first year at least of his administration toward individuals who he believes harmed him,” Markey said. Presidents enjoy expansive pardon powers when it comes to federal crimes . That includes granting clemency to people who have not yet been charged, as President Gerald Ford did in 1974 when he pardoned his predecessor, Richard Nixon, over the Watergate scandal. The decision at the time caused an uproar but has been seen in the ensuing decades as a move that helped restore order. Markey cited Ford's pardon as a way for the country “just to close that chapter and move on to a new era.” Biden could do the same, Markey said, to help the country move on “to an agenda that deals with the ordinary families.” Sen. Joe Manchin, the Democrat-turned-independent from West Virginia, took it a step further and suggested Biden should even pardon Trump for his efforts to overturn the 2020 election, federal charges that are now evaporating with Trump's upcoming return to the White House. “Why don't you go ahead and pardon Donald Trump for all his charges?" he said in an interview with CNN. “It would have gone down a lot more balanced. I'm just saying, wipe them out.” At the same time, Democratic lawmakers and criminal justice reformers are pushing Biden to grant pardons to broad groups of Americans. Democrats Ayanna Pressley, Jim Clyburn and Mary Gay Scanlon wrote to Biden on Nov. 20, asking him to use his clemency powers to "address longstanding injustices in our legal system, and set our nation on the path toward ending mass incarceration.” The letter, also signed by 61 others, suggested Biden could use his powers to send a powerful message of criminal justice reform and "rectify unjust and unnecessary criminal laws passed by Congress and draconian sentences given by judges.” “We encourage you to use your clemency powers to help broad classes of people and cases, including the elderly and chronically ill, those on death row, people with unjustified sentencing disparities, and women who were punished for defending themselves against their abusers,” they wrote. So far, Biden has pardoned 25 people. Most presidents tend to grant a flurry of clemency requests at the end of their terms, and it's likely Biden will do the same. White House press secretary Karine Jean-Pierre has said Biden is “thinking through that process very thoroughly.” Weissert reported from Luanda, Angola.
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Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average. The S&P 500 rose 0.3% Friday. The Dow added 1%, and the Nasdaq composite tacked on 0.2%. Retailers had some of the biggest gains. Gap soared after reporting quarterly results that easily beat analysts’ estimates. EchoStar fell after DirecTV called off its purchase of that company’s Dish Network unit. European markets closed mostly higher and Asian markets ended mixed. Treasury yields held relatively steady in the bond market. Crude oil prices gained ground. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks rose on Wall Street in afternoon trading Friday, keeping the market on track for its fifth straight gain. The S&P 500 was up 0.2% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 333 points, or 0.8%, and the Nasdaq composite was essentially flat with a gain of less than 0.1% as of 3:07 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 1.5% after raising its earnings forecast for the year. EchoStar fell 2.4% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.3%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.Mumbai, Nov 30 (PTI) Pearl Academy, a unit of the Creative Arts Education Society (CAES), on Saturday said it has collaborated with Tech Mahindra to set up the ‘Makers Lab’, which will serve as an innovation hub focused on Generative AI (GenAI), metaverse, and gaming. The lab will be set up in Bengaluru. The collaboration aims to empower students, faculty, and industry professionals to develop solutions in artificial intelligence (AI), metaverse, and immersive gaming experiences, Pearl Academy said in a statement. “By blending our design innovation with Tech Mahindra’s technological prowess, we are shaping a future where creativity and technology seamlessly integrate to redefine industries. “The Makers Lab will provide our students with invaluable hands-on experience in emerging technologies, empowering them to reshape the creative landscape,” Pearl Academy President Aditi Srivastava said. Pearl Academy also said its faculty will collaborate with Tech Mahindra’s researchers to apply human-centred design principles to technology development. PTI SM HVA This report is auto-generated from PTI news service. 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10 Greatest Goalkeepers in Manchester United History [Ranked]Work-life balance: The most employee ‘friendly’ cities in the UK revealedBilltrust Named a Leader in IDC MarketScape for Worldwide Accounts Receivable Automation Software for Enterprise and Small and Midmarket 2024