Bypolls Results: Priyanka’s Debut to Yogi vs Akhilesh in UP, who got bragging rights in 48 seatsThe world's most climate-imperilled nations stormed out of consultations in protest at the deadlocked UN COP29 conference Saturday, as simmering tensions over a hard-fought finance deal erupted into the open. Diplomats from small island nations threatened by rising seas and impoverished African states angrily filed out of a meeting with summit hosts Azerbaijan over a final deal being thrashed out in a Baku sports stadium. "We've just walked out. We came here to this COP for a fair deal. We feel that we haven't been heard," said Cedric Schuster, the Samoan chairman of the Alliance of Small Island States (AOSIS). An unpublished version of the final text circulating in Baku, and seen by AFP, proposes that rich nations raise to $300 billion a year by 2035 their commitment to poorer countries to fight climate change. COP29 hosts Azerbaijan intended to put a final draft before 198 nations for adoption or rejection on Saturday evening, a full day after the marathon summit officially ended. But, in a statement, AOSIS said it had "removed" itself from the climate finance discussions, demanding an "inclusive" process. "If this cannot be the case, it becomes very difficult for us to continue our involvement here at COP29," it said. Sierra Leone's climate minister Jiwoh Abdulai, whose country is among the world's poorest, said the draft was "effectively a suicide pact for the rest of the world". An earlier offer from rich nations of $250 billion was slammed as offensively low by developing countries, who have demanded much higher sums to build resilience against climate change and cut emissions. UK Energy Secretary Ed Miliband said the revised offer of $300 billion was "a significant scaling up" of the existing pledge by developed nations, which also count the United States, European Union and Japan among their ranks. At sunset, a final text still proved elusive, as harried diplomats ran to-and-fro in the stadium near the Caspian Sea searching for common ground. "Hopefully this is the storm before the calm," said US climate envoy John Podesta in the corridors as somebody shouted "shame" in his direction. Earlier, the EU's climate commissioner Wopke Hoekstra said negotiators were not out of the woods yet. "We're doing everything we can on each of the axes to build bridges and to make this into a success. But it is iffy whether we will succeed," he said. Ali Mohamed, the Kenyan chair of the African Group of Negotiators, told AFP: "No deal is better than a bad deal." South African environment minister Dion George, however, said: "I think being ambitious at this point is not going to be very useful." "What we are not up for is going backwards or standing still," he said. "We might as well just have stayed at home then." The revised offer from rich countries came with conditions in other parts of the broader climate deal under discussion in Azerbaijan. The EU in particular wants an annual review on global efforts to phase out fossil fuels, which are the main drivers of global warming. This has run into opposition from Saudi Arabia, which has sought to water down a landmark pledge to transition away from oil, gas and coal made at COP28 last year. "We will not allow the most vulnerable, especially the small island states, to be ripped off by the new, few rich fossil fuel emitters," said German Foreign Minister Annalena Baerbock. Wealthy nations counter that it is politically unrealistic to expect more in direct government funding. The US earlier this month elected former president Donald Trump, a sceptic of both climate change and foreign assistance, and a number of other Western countries have seen right-wing backlashes against the green agenda. A coalition of more than 300 activist groups accused historic polluters most responsible for climate change of skirting their obligation, and urged developing nations to stand firm. The draft deal posits a larger overall target of $1.3 trillion per year to cope with rising temperatures and disasters, but most would come from private sources. Even $300 billion would be a step up from the $100 billion now provided by wealthy nations under a commitment set to expire. A group of developing countries had demanded at least $500 billion, with some saying that increases were less than met the eye due to inflation. Experts commissioned by the United Nations to assess the needs of developing countries said $250 billion was "too low" and by 2035 rich nations should be providing at least $390 billion. The US and EU have wanted newly wealthy emerging economies like China -- the world's largest emitter -- to chip in. China, which remains classified as a developing nation under the UN framework, provides climate assistance but wants to keep doing so on its own voluntary terms. bur-np-sct/lth/giv
No. 24 Arizona is coming off consecutive defeats for the first time in the Tommy Lloyd era when it faces undefeated Davidson on Wednesday to begin the Battle 4 Atlantis in Paradise Island, Bahamas. Arizona (2-2) lost at Wisconsin 103-88 on Nov. 15 and followed that with a home loss against Duke 69-55 on Friday. The Wildcats have dropped 15 spots in the Associated Press Top 25 poll in two weeks. Arizona's record is .500 this early in a season for the first time since it was 3-3 to start the 2017-18 schedule. "I've got work to do, so let's get to work," said Lloyd, in his fourth year as Arizona's head coach. "Let's see where we're at in a month, and if we're still struggling, you know what I'll do? I still got work to do, but I'm gonna get to it." Arizona shot 39.6 percent from the field against Duke, and just 26.1 percent (6 of 23) from 3-point range. The Wildcats were outrebounded by 43-30 and their 15 turnovers led to 19 points. Jaden Bradley led Arizona with 18 points and KJ Lewis added 12. Preseason All-American Caleb Love had eight points on 3-of-13 shooting from the field, including 1-of-9 from 3-point range. Arizona made only one field goal in the last 5:39 as Duke pulled away after its lead was trimmed to six points. "We didn't play great," Lloyd said. "Now we need to take a step back and figure out why. Are there some schematic problems? Are there some problems with how our personnel is kind of put together? "We got to figure out what our certainties are, and the things we have to have, and then over the course of the next couple of days, if there's adjustments we need to make, we need to figure out what those are." Davidson is 4-0 after a 15-17 record last season, in which it lost its last six games to put an end to postseason hopes. A 93-66 win over visiting VMI on Friday followed a 91-85 win at Bowling Green and 76-70 victory over visiting East Tennessee State. The two wins by 10 points or fewer are important because Davidson was 6-12 in such games last season. It was 4-11 in games decided by five points or fewer. "The goal (is) to get better," Davidson head coach Matt McKillop said after the season opener. "We talk about fighting to win every possession. I think we had to figure out what that really felt like with the lights on." Davidson made 13 shots from 3-point range in the win over VMI. Reed Bailey had 23 points, eight rebounds and six assists. Bobby Durkin added 19 points, including 17 of them and a career-best five 3-pointers in the first half. Bailey leads Davidson in scoring (19 points per game) and rebounding (7.8). Durkin is shooting 57.9 percent (22 of 38) from the field and 54.2 percent (13 of 24) from 3-point range. By contrast, Arizona's Love is shooting 32 percent (16 of 50) from the field and 21.4 percent (6 of 28) from beyond the arc. Bradley leads Arizona with 15.5 points per game. He is shooting 50 percent (24 of 48) from the field and is 35.7 percent (5 of 14) from 3-point range. --Field Level MediaLululemon stock rises on profit beat as company boosts full-year outlook - Yahoo Finance
Central Division opponents meet when Predators host the JetsThe Palace of the revered Oba of Benin, on Saturday, said it was not in support of the planned dramatisation of the popular Igue Festival in Lagos. The Palace also noted a Lagos High Court order restraining the Association for Cultural and Economic Renaissance of Edo (ACERE) from holding or dramatising the yearly Igue Festival in Lagos without the authorisation of the Palace of the Oba. The Igue Festival is an important cultural and religious event in the Benin Kingdom, and its performance is reserved for the Oba of Benin. The Palace, in a signed statement made available to LEADERSHIP in Benin City by the Chief Press Secretary to the Oba of Benin, Mr Osaigbovo Iguobaro, said the planned event, scheduled for Sunday at the Muson Centre in Lagos, was being organised without the consent or consultation with the Oba of Benin, Ewuare II. The statement reads, “The Oba of Benin Palace has legally aborted plans plans by a group of persons acting under the label of ‘The Association for Cultural and Economic Renaissance of Edo (ACERE)’ for attempting to ignite, fake cultural war against the highly revered age-long Benin tradition Igue Festival. “In response to the ulterior moves and unauthorized use of the Benin Palace effigy, by the group led by Omorodion Uwaifo, a Lagos State High Court has restrained the Association for Cultural and Economic Renaissance of Edo (ACERE) from staging/dramatizing the performance of Igue Festival at Muson Centre, Onikan in Lagos without the consultation and consent of His Royal Majesty, Omo N’Oba N’Edo, Uku Akpolokpolo, Ewuare II, CFR, Oba of Benin, who is the custodian of Benin customs and tradition. “In order for Uwaifo and his group not to distort our age-long custom and traditional performance of Igue festival by the Oba of Benin, the Benin Traditional Council has approached the court to restrain this association from staging the so-called “performance”. “The Court in its wisdom and as a result of the short notice, has granted the prayers of the Benin Traditional Council. The Court ruled that by virtue of Order 42 Rule 8 of the High Court of Lagos State (Civil Procedure) Rules 2019, the court has restrains the Defendant/Respondent from, repeating the use or continuing to deploy or use the image, picture, video, signature of the Oba of Benin, Oba Ewuare II CFR, to advertise, market, propagate, or promote the staging of any play tagged IGUE-the Annual Thanksgiving Festival of Benin Kingdom, without his consent, pending compliance with pre-action Protocol.” Iguobaro further noted that the Palace expressed “serious reservation about the drama” by the convener of the programme, who was said to have “fraudulently gone ahead to use Omo N’Oba N’Edo, Uku Akpolokpolo’s picture in the social media to publicise their so-called dramatisation and staging of Igue festival in contrast to the cultural, religious and spiritual implications and relevance of the festival to the Palace and Benin people.
MCLEAN, Va., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) announced today that management will be presenting and hosting meetings with institutional investors at the following upcoming conferences. Scotiabank Annual Global Technology Conference in San Francisco. The fireside chat is scheduled for Tuesday, December 10th at 2:35pm Pacific Time. Barclays Annual Global Technology Conference in San Francisco. The fireside chat is scheduled for Wednesday, December 11th at 8:05am Pacific Time. It will be webcast live at the following link: https://cc.webcasts.com/barc002/121124a_js/?entity=64_2J0GXVM Replays of the fireside chat will be available for a limited time under the “News and Events” section of the Company’s investor relations website at http://investors.appian.com About Appian Appian is a software company that orchestrates business processes. The Appian Platform empowers leaders to design, automate, and optimize important processes from start to finish. With our industry-leading platform and commitment to customer success, Appian is trusted by top organizations to drive transformational process change. For more information, visit appian.com . [Nasdaq: APPN] Investor Contact Jack Andrews Vice President, Investor Relations investors@appian.com Media Contact Cindy Cheng Senior Director, Global Communications pr@appian.com Source: Appian Corporation
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Provident Trust Co. boosted its stake in shares of Alphabet Inc. ( NASDAQ:GOOGL – Free Report ) by 1.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,476,456 shares of the information services provider’s stock after purchasing an additional 36,190 shares during the quarter. Alphabet makes up approximately 10.4% of Provident Trust Co.’s holdings, making the stock its 3rd largest position. Provident Trust Co.’s holdings in Alphabet were worth $576,570,000 at the end of the most recent reporting period. Several other large investors have also recently added to or reduced their stakes in GOOGL. Holistic Planning LLC raised its holdings in shares of Alphabet by 18.2% during the third quarter. Holistic Planning LLC now owns 10,895 shares of the information services provider’s stock valued at $1,807,000 after buying an additional 1,675 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in Alphabet in the 3rd quarter valued at approximately $15,937,000. Source Financial Advisors LLC raised its stake in Alphabet by 1.9% during the 3rd quarter. Source Financial Advisors LLC now owns 6,227 shares of the information services provider’s stock valued at $1,033,000 after acquiring an additional 118 shares in the last quarter. Beckerman Institutional LLC acquired a new position in Alphabet during the 3rd quarter worth $3,513,000. Finally, Leavell Investment Management Inc. boosted its position in Alphabet by 2.2% during the 3rd quarter. Leavell Investment Management Inc. now owns 35,003 shares of the information services provider’s stock worth $5,805,000 after acquiring an additional 752 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds. Insiders Place Their Bets In related news, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. The trade was a 8.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink . Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total value of $1,898,190.00. Following the sale, the director now owns 330,466 shares of the company’s stock, valued at approximately $59,741,643.48. The trade was a 3.08 % decrease in their position. The disclosure for this sale can be found here . Insiders have sold 206,795 shares of company stock valued at $34,673,866 over the last three months. 11.55% of the stock is currently owned by insiders. Wall Street Analysts Forecast Growth Check Out Our Latest Report on Alphabet Alphabet Trading Down 1.7 % NASDAQ:GOOGL opened at $164.76 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a market cap of $2.02 trillion, a PE ratio of 21.85, a price-to-earnings-growth ratio of 1.27 and a beta of 1.03. The stock’s 50-day moving average is $167.64 and its two-hundred day moving average is $170.36. Alphabet Inc. has a fifty-two week low of $127.90 and a fifty-two week high of $191.75. Alphabet ( NASDAQ:GOOGL – Get Free Report ) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same quarter last year, the firm earned $1.55 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year. Alphabet Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is 10.61%. About Alphabet ( Free Report ) Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. Further Reading Five stocks we like better than Alphabet Election Stocks: How Elections Affect the Stock Market Tesla Investors Continue to Profit From the Trump Trade Quiet Period Expirations Explained MicroStrategy’s Stock Dip vs. Coinbase’s Potential Rally What Does a Gap Up Mean in Stocks? 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METAIRIE, La. (AP) — Dejounte Murray plans to return to the New Orleans Pelicans ' lineup on Wednesday night for the first time since fracturing his left hand in a season-opening victory over Chicago on Oct. 23. And when Murray takes the court against the Toronto Raptors , his mother will be on his mind.SINGAPORE: Three mass casualty incidents that played out in just nine days - the recent spate of what seems to be “revenge on society” attacks in China are raising concerns about underlying societal issues and cannot be dismissed as isolated acts of troubled individuals, analysts told CNA. A brutal car attack in the southern city of Zhuhai on Nov 11 killed 35 people exercising at a sports stadium . Days later, a stabbing incident at a vocational college in eastern China’s Yixing city killed eight and badly injured 17 and on Tuesday (Nov 19), an SUV ploughed into students and pedestrians outside a primary school in Hunan’s Changde, where scores of children were seen fleeing in fear . While the attacker’s motives and the exact injury toll of the latest incident are still unknown, the attacks in Zhuhai and Yixing were “triggered by the dissatisfaction with the division of property following a divorce” and the “failure to obtain a diploma due to poor exam results” respectively, based on police statements. According to official statistics, violent crime in China is lower than global averages. The country’s murder rate in 2023 was 0.46 cases per 100,000 people as compared to 5.7 in the US. But the recent attacks are still raising alarm among many. In addition to the incidents in November, others have been reported in recent months, including a mass stabbing at a supermarket in Shanghai in September and a stabbing at a top school in Beijing the following month in October. ‘THE WORLD IS CRAZY’ Before posts and comments were swiftly taken down , Chinese social media users expressed anger and shock about the recent killings, asking if it was a sign of underlying issues facing society today. “They (the perpetrators) are seeking revenge on society,” remarked a user on the Sina Weibo microblogging site in a comment on a state media post about the Zhuhai car attack, which was later removed. “Why are such incidents happening every day,” asked a user on Douyin, the Chinese version of TikTok especially popular among young users. Another said bluntly: “The world is crazy.” Dr Zhao Litao, a senior research fellow at the National University of Singapore (NUS), told CNA that while it was challenging to establish a link between the rampage incidents “due to limited publicly available information”, there was a common thread – “their nature of acts as ‘social revenge’ (in which) perpetrators act on personal grievances by attacking strangers”. “Victims were often random and unrelated to the perpetrators, which highlighted the unpredictability and indiscriminate targeting involved,” he said, adding that the incidents “amplified public concern about whether the pattern reflected deeper underlying issues”. A police report shows that the 62-year-old perpetrator in Zhuhai took “social revenge” after anger over his divorce settlement. He later attempted suicide and is now in a coma. The 21-year-old suspect in the Yixing stabbing rampage vented his frustration and “attacked others after failing an exam and not receiving his graduation certificate”, according to a statement issued by the Yixing Public Security Bureau. He had also been deeply unhappy over his low internship pay, the statement added. “The complex web of personal traumas and grievances... led them to this fatalistic moment,” said Mr Barclay Bram, a Fellow on Chinese Society at the Asia Society Policy Institute’s Center for China Analysis, who has also researched mental health and psychological counselling in China. He told CNA that the “inability to find other means of resolving issues, access to weapons, and the social contagion effect of other acts of mass violence” could also be contributing factors. Dr Zhao said the attacks highlighted structural issues such as socioeconomic disparities, weakened social norms as well as gaps in psychological support. “Individual mental health challenges are often shaped by broader societal stressors. For instance, work pressures, unemployment, strained relationships, or economic disputes can escalate stress levels,” he added. “It’s critical to ask how and why individuals transition from normalcy to extremity – and what environmental or systemic conditions might be facilitating this shift.” A “sustainable approach” would require tackling the root causes of social discontent, Dr Zhao said. “Policies promoting equitable economic development, robust social safety nets, accessible mental health services and fair dispute resolution mechanisms can reduce the pressures that drive individuals to extreme actions,” he added. THE IMPORTANCE OF MENTAL HEALTH AWARENESS China’s economy is facing a number of challenges – a property crisis, steep public debt as well as rising youth unemployment rates, all of which have taken a toll on both economic and mental health. Mental health remains a growing issue in the country – with reports of people feeling stressed, burnt out , anxious and depressed . Experts have also cited issues like rising costs of living, high unemployment rates and the lack of state support amid a turbulent economy still in post-pandemic recovery. “Chinese society is under significant stress due to a slowing economy, uncertain future and an unstable global climate,” said Mr Bram, who also stressed that it was “hard to generalise across a population as large as that of China”. The long tail of the COVID-19 pandemic and public mistrust caused by the government’s harsh lockdowns “contributed to a sense of hopelessness amongst many in society”, he added. The Blue Book of National Depression, published by the Chinese Academy of Science in 2022, found that for every one million people in China, only 20 had proper access to mental health services – as compared to 1,000 Americans (per million) who enjoyed those benefits and support in the US. Experts like Dr Zhao suggested more proactive approaches to promote mental health awareness and encourage empathy. “The role of social support systems is crucial,” he said. “When individuals lack effective avenues to cope with stress or resolve disputes, their frustrations may accumulate to a breaking point.” But there was also still strong social stigma around treatment and seeking help. “Stigma often prevents individuals from seeking help, leading many to suffer in silence or keep their struggles within the family,” said Dr Jared Ng, a psychiatrist and also the Medical Director of Connections MindHealth, a clinic in Singapore which provides mental health services to a diverse clientele, including Chinese students studying abroad. Limited access to care is another challenge, Dr Ng added. “Psychological support services are concentrated in urban centres like major cities but rural areas have far fewer resources,” he said, adding that early detection and intervention was also crucial in preventing violent episodes. “Socio-economic stressors can push individuals to their breaking point and when combined with substances like drugs or alcohol, these pressures can escalate into extreme actions including harm to themselves or others.” Psychological support alone cannot solve the deep rooted issues, other experts said. “Would increased psychological support be a good thing in this case? Of course,” said Mr Bram. “(But) would it have prevented these instances of social violence altogether? Possibly not, as the dynamics involved are both specific and complex.” ADDRESSING SOCIAL DISCONTENT The violent episodes have also raised questions about the ability of the Chinese government to deal with grievances in society. Following the car attack in Zhuhai, authorities pledged to solve the root of the problem, by better handling issues such as family and property-related disputes. Though not all are buying it. “This is what happens when a government prioritises money and economic growth over the welfare of people,” read a highly rated comment on Weibo before it was deleted. “For those in power, achieving wealth and status is more important than people’s lives,” said another user. Conundrums have existed and persisted over the past decade, said Associate Professor Alfred Wu from the Lee Kuan Yew School of Public Policy (LKYSPP). “Beijing has traditionally relied on a top-down approach to governance to manage security,” Assoc Prof Wu said. “But in reality, the central government can’t actually handle so many things.” “A more effective way would be a rethink on fostering a healthy society and managing that well – including by allowing more grassroots-level initiatives,” he said. In the aftermath of recent incidents, the more immediate response from authorities was to censor information and discourse on the internet. Graphic images showing the extent of the crime scene in Zhuhai – blood and bodies lying in the street, were scrubbed off sites like Weibo and comments critical of efforts by the authorities removed. This level of censorship can be expected, experts previously told CNA, especially in the aftermath of a serious tragedy to “try and control the narrative”. A post sharing details of the most recent incident in Changde on an official procuratorate’s Douyin channel initially garnered over 4,000 comments. However, the number of comments dropped to less than 80 by the next day. Checks by CNA also found that comment sections had been disabled on Weibo a day after the incident. “Such responses (by the Chinese authorities) are largely reactive,” said Dr Zhao, adding that censorship efforts focused more on “containment after incidents occur rather than addressing root causes.” Assoc Prof Wu said that the Chinese government’s current approach has “not been to solve the problem but rather the people who voice out” – and was aimed more at “blocking” and controlling rather than “easing” the situation at hand. But some netizens also caution against oversharing and reporting news about violent incidents, out of concern that they might inspire copycat attacks. “(With a population) of 1.4 billion, there are definitely extremists,” said a user on Xiaohongshu who went by the name Yang Lm, who referenced both car attacks in Changde and Zhuhai. “This is why we shouldn’t report such incidents, there are too many copycat criminals.” There are some merits to restricting and filtering content on social media, said Dr Ng, who also agreed that it could inadvertently lead to “copycat behaviour”. “It is crucial that the content being shared does not glorify the incident,” he said. “Social media platforms have a responsibility to balance raising awareness with protecting the mental well-being of their users,” he added. While efforts by authorities like “risk mapping and enhanced surveillance” may mitigate immediate threats, they are “far from sufficient” as long-term solutions, said Dr Zhao. “The unpredictable nature of attacks makes it nearly impossible to identify all potential perpetrators in advance. Moreover, these measures risk alienating communities if perceived as overly intrusive,” he said. “Policies promoting equitable economic development, robust social safety nets and accessible mental health services can reduce the pressures that drive individuals to extreme actions.” “Building a society where people feel secure, supported and hopeful is key to preventing such tragedies.”* TSX ends down 0.02% at 25,405.14 * Energy falls 2.3%; oil settles 0.2% lower * Bombardier shares lose 9.3% * Technology advances 1.1% By Nikhil Sharma and Fergal Smith Nov 26 - Canada's stock market inched lower on Tuesday, weighed by declines for energy, railroad and auto parts manufacturing shares, after U.S. President-elect Donald Trump vowed to impose big tariffs on top trading partners, including Canada. The S&P/TSX composite index ended down 5.21 points, or 0.02%, at 25,405.14, its second straight day of modest declines after posting a record closing high on Friday. Trump on Monday pledged big tariffs on the United States' three largest trading partners - Canada, Mexico and China - in a move that helped push the Canadian dollar to a 4-1/2-year low against its U.S. counterpart. "Tariffs dump sand in the gears of the global economy and markets hate them," Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note. Officials from Mexico, Canada and China warned that Trump's tariff threat would harm the economies of all involved. "These types of threats are mostly designed to extract concessions," said Angelo Kourkafas, investment strategist at Edward Jones Investments, adding they are, however, "impacting sentiment in the short term." Canada sends about 75% of its exports to the United States, including oil. Trump's plan does not exempt crude oil from trade penalties, two sources familiar with the plan told Reuters. U.S. crude futures settled 0.25% lower at $68.77 a barrel after Israel agreed to a ceasefire deal with Lebanon, while the Toronto market's energy sector was down 2.3%. Industrials fell 1%, weighed by declines for railroad shares. Automotive suppliers also lost ground, with Magna International Inc falling 4.7%. Business jet manufacturer Bombardier Inc lost 9.3%. The TSX is set to rise in 2025 but returns could slow after investors potentially front-loaded much of the positive news, a Reuters poll found. Helping to limit the decline on Tuesday, technology rose 1.1% and financials added 0.5%. This article was generated from an automated news agency feed without modifications to text.None
New OGI Camera Detects Fugitive Ammonia and Sulfur Hexafluoride (SF6) Emissions at Industrial and Manufacturing Facilities Non-Germanium Based Solution Insulates LightPath Customers from China's Recent Ban on Germanium Exports to the United States Javascript is required for you to be able to read premium content. Please enable it in your browser settings.None
Is ‘SNL’ New This Weekend? Here’s Everything to KnowChevron to trim Permian spending by up to 10% in 2025Money Research Collective’s editorial team solely created this content. Opinions are their own, but compensation and in-depth research determine where and how companies may appear. Many featured companies advertise with us. How we make money . By Kat Tretina MONEY RESEARCH COLLECTIVE December 5, 2024 China is a powerful force to be reckoned with. According to Safeguard Global, the country has the second largest economy based on its gross domestic product, which stands at $14.7 trillion in 2024. China’s role as an economic powerhouse is particularly evident through the lens of the global gold market, in which the nation plays a substantial role. China is the largest producer of gold in the world, and there is also significant demand within the country for gold jewelry and other products, which drives consumption. What’s driving China’s role in the gold market ? There are several factors, including cultural traditions, manufacturing needs and concerns about investments. China’s history with gold China has a long relationship with gold . Its use in the country dates back to the Han dynasty as early as 206 BC, and it’s since been used as currency, for making jewelry and even as part of worship. In 1978, when China re-entered the international economy and resumed trade with other countries, the gold market shifted. China transformed into an industrial powerhouse, and gold played a major role; along with jewelry, gold is frequently used in the creation of electronics, medical devices and in the automotive industry. In 1983, China allowed its citizens to own gold — private gold ownership was previously prohibited — and it created the Shanghai Gold Exchange, major milestones for the gold industry. Those changes began China’s transition to a gold superpower, as the government accumulated its gold reserves and gold mining within the country accelerated. China and gold: its impact today China is a huge presence in the gold market for both production and consumption: China is responsible for about 11% of global gold production, making it the largest producer of gold in the world. In fact, since it overtook South Africa for the lead in 2007, it has dominated the gold production market. According to Mining Technology, there are over 1,300 gold mines in the world, and China operates 117 of them. In 2023, China produced 370 tons of gold. To put that in perspective, that’s more than double the gold production of the U.S. The five largest mines in the country include: Gold is an important part of China’s economy, particularly in the manufacturing industry. China’s chief exports are electronics, machinery and vehicles — all segments that require gold. The Central Bank of China has been buying gold to bolster its reserves, moving its reserves away from traditional assets like U.S. Treasury debt. Its accumulation of gold has helped drive the price of gold . In China, gold was traditionally a common gift, particularly for brides, new parents and for the Lunar New Year, which helped drive its jewelry market. However, as the country has become richer and its citizens more wealthy, purchasing gold for personal use or investments is increasingly common as a status symbol. Right now, China is facing some issues with deflation , meaning prices across the economy have dropped. Combined with a volatile stock market and difficult real estate market, gold can be an appealing alternative for investors . Gold as an investment is particularly popular among young adults interested in alternative assets. Gone are the days when investors needed thousands of dollars or Chinese Yuan to purchase gold; today, Chinese investors can buy “gold beans” — as the name implies, small nuggets of gold — that cost less than $100 per bean. Gold beans have gone viral on Chinese social media platforms like Weibo, and mainstream jewelry stores have addressed the trend by selling gold beans in glass jars in their stores. In fact, Chinese consumers between the ages of 18 and 24 are more likely to purchase pure gold than any other age group, according to a report by the Chow Tai Fook Jewellery Group. The increased demand for gold as an investment — and the availability of smaller, more accessible gold for investing — played a major role in China’s gold rush, with gold premiums reaching a then-all-time high in 2023. Outlook for China’s gold market Although the gold industry in China is still booming, there are some signs it’s cooling down. Record-high gold prices may have affected consumers, as gold jewelry sales dropped significantly in October 2024. China saw a slight decrease in gold production; for the first three quarters of 2024, its total production dropped by -1.17%. If gold prices remain high, that could continue the downward trend of jewelry sales, but it could increase the demand for gold for investments. How China’s gold market can affect you Because of China’s significant presence in the gold industry, many economists believe that gold prices and demand are affected not by the economy, but by Chinese investors themselves. With so many Chinese investors and consumers purchasing gold, it has markedly increased demand for the precious metal, which subsequently drives up prices. If you’re looking to invest in gold , China’s gold industry and its outlook is encouraging. However, it’s always important to diversify your portfolio so your investments aren’t concentrated in a single asset class. If you do invest in precious metals, investing in traditional securities — such as stocks, bonds, mutual funds or ETFs — can give you a well-rounded portfolio.Buy Smarter: The Consumer Guide to Smart TVs
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