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NEW YORK (AP) — Technology stocks pulled Wall Street to another record amid a mixed Monday of trading. The S&P 500 rose 0.2% from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%. Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 28.7% to lead the market. Following allegations of misconduct and the resignation of its public auditor , the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board. It also said that it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance. Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500. Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI. Stellantis, meanwhile, skidded following the announcement of its CEO’s departure . Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan. The majority of stocks in the S&P 500 likewise fell, including California utility PG&E. It dropped 5% after saying it would sell $2.4 billion of stock and preferred shares to raise cash. Retailers were mixed amid what’s expected to be the best Cyber Monday on record and coming off Black Friday . Target, which recently gave a forecast for the holiday season that left investors discouraged , fell 1.2%. Walmart , which gave a more optimistic forecast, rose 0.2%. Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.4%. All told, the S&P 500 added 14.77 points to 6,047.15. The Dow fell 128.65 to 44,782.00, and the Nasdaq composite climbed 185.78 to 19,403.95. The stock market largely took Donald Trump’s latest threat on tariffs in stride. The president-elect on Saturday threatened 100% tariffs against a group of developing economies if they act to undermine the U.S. dollar. Trump said he wants the group, headlined by Brazil, Russia, India and China, to promise it won’t create a new currency or otherwise try to undercut the U.S. dollar. The dollar has long been the currency of choice for global trade. Speculation has also been around a long time that other currencies could knock it off its mantle, but no contender has come close. The U.S. dollar’s value rose Monday against several other currencies, but one of its strongest moves likely had less to do with the tariff threats. The euro fell amid a political battle in Paris over the French government’s budget . The euro sank 0.7% against the U.S. dollar and broke below $1.05. In the bond market, Treasury yields gave up early gains to hold relatively steady. The yield on the 10-year Treasury climbed above 4.23% during the morning before falling back to 4.19%. That was just above its level of 4.18% late Friday. A report in the morning showed the U.S. manufacturing sector contracted again last month, but not by as much as economists expected. This upcoming week will bring several big updates on the job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy. Economists expect Friday’s headliner report to show U.S. employers accelerated their hiring in November, coming off October’s lackluster growth that was hampered by damaging hurricanes and strikes. “We now find ourselves in the middle of this Goldilocks zone, where economic health supports earnings growth while remaining weak enough to justify potential Fed rate cuts,” according to Mark Hackett, chief of investment research at Nationwide. In financial markets abroad, Chinese stocks led gains worldwide as monthly surveys showed improving conditions for manufacturing, partly driven by a surge in orders ahead of Trump’s inauguration next month. Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by Trump once he takes office. Indexes rose 0.7% in Hong Kong and 1.1% in Shanghai. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
The Policy Research Working Paper authored by researchers from the World Bank, Central European University, and the Government Transparency Institute, explores the impact of green public procurement (GPP) on governance and economic efficiency. This study, covering 2011 to 2019, investigates Bulgaria’s unexpected progress in GPP, a country that faces governance challenges like high corruption risks and limited competition in public procurement. The findings highlight how integrating sustainability criteria into public spending can improve competition, reduce corruption risks, and enhance economic outcomes, even in challenging environments. Green Public Procurement’s Growing Role GPP constituted 10-20% of Bulgaria’s total public procurement spending during the study period, significantly higher than previous estimates. By analyzing over 148,000 contracts, researchers found that green criteria were most often embedded in product descriptions and technical specifications rather than in bid evaluation criteria. This marks a shift in how sustainability is integrated into public procurement, focusing more on what is procured (e.g., renewable energy or electric vehicles) than on how bids are scored. The findings challenge traditional views of GPP as a peripheral policy tool and underscore its growing role as a core component of procurement strategies aimed at sustainability. Fostering Competition Through Innovation One of the most significant outcomes of GPP is its ability to foster competition in markets traditionally dominated by entrenched networks. The study found that GPP increased the participation of new firms in public procurement by 3-7 percentage points, particularly those from outside the procuring authority’s locality. This broader participation disrupts monopolistic practices and opens opportunities for diverse market players. Additionally, green contracts were associated with a reduction in single-bid tenders by 0.6-1.5 percentage points, a metric often linked to corruption. By incentivizing market entry and increasing competition, GPP effectively reduces the concentration of procurement markets and encourages transparency. Reducing Corruption Risks The study highlights GPP’s role in reducing corruption risks in public procurement. Contracts that incorporated green criteria were less likely to be awarded through non-competitive processes. The likelihood of single-bid contracts, a red flag for corruption, decreased significantly under GPP frameworks. Furthermore, green procurement fosters more open and transparent procurement procedures, challenging the dominance of entrenched players and limiting opportunities for collusion. This alignment of sustainability with integrity offers a compelling argument for scaling GPP as a means to tackle corruption, especially in countries with governance challenges. Boosting Productivity and Economic Efficiency Beyond governance improvements, GPP significantly enhances economic outcomes by channeling public resources to more productive firms. The analysis revealed that firms awarded GPP contracts demonstrated 14% higher labor productivity compared to those awarded non-green contracts. This productivity differential rose to 19% in low-corruption-risk GPP contracts. These findings suggest that GPP attracts firms with superior technology and management capabilities, enabling them to meet the stringent environmental requirements of green contracts. This alignment between environmental and economic goals underscores GPP’s potential to support both sustainability and economic growth. Challenges and Future Implications Despite its benefits, GPP faces implementation challenges, including high upfront costs, complexity in procurement processes, and limited awareness among procurement professionals. These barriers can hinder its broader adoption, especially in less developed markets. Moreover, GPP often interacts with other policies, such as social and environmental regulations, making it difficult to isolate its specific impacts. Nevertheless, the study’s findings highlight the transformative potential of GPP, particularly when implemented strategically and consistently. By fostering market development and encouraging innovation, GPP can create long-term benefits that extend beyond the immediate procurement process. A Path Toward Sustainable Development The study establishes that GPP serves as a tool for achieving environmental goals and strengthens governance and economic efficiency. By encouraging competition, reducing corruption risks, and promoting productivity, GPP demonstrates its value as a comprehensive policy mechanism. The findings suggest that even in governance-challenged environments like Bulgaria, GPP can drive meaningful change. Policymakers are encouraged to invest in sustainable procurement practices, which, over time, can build markets for environmentally friendly products, foster innovation, and amplify economic benefits. The Bulgarian case provides a compelling model for other nations seeking to integrate sustainability into their public procurement systems, proving that green choices in public spending can lead to a less corrupt, more competitive, and economically dynamic future.Which other family members received presidential pardons?Love, unity and social justice are elements of the human experience that are central to the Christmas holiday season. It’s a time, not only of celebration, but of personal reflection and a renewal of the belief that, together, we can make the world a better, kinder place, full of hope and generosity toward one another. Perhaps that’s why the Christmas season is ideally suited for the coming concert by reggae legend, Clinton Fearon as he takes the stage with Caleb Hart. Reggae music is, after all, about social justice, love and the hope for the best that the human soul can muster. “The music is great because it shows reality, but it also shows how things should be between people,” Fearon says. Currently on tour in Brazil, Fearon says he loves coming back to Victoria for a Christmas show, because he loves the community and its people. “I live in Seattle right now, but I try to get up to Victoria whenever I can. The people are wonderful there,” he says. Born in Kingston, Jamaica, Fearon has been performing his music for more than 50 years, finding his inspiration at his local Seventh-day Adventist church. He performed with The Gladiators and later reorganized his musical vision by forming The Boogie Brown Band. That group’s debut album, , marked the beginning of Fearon’s successful solo career. He has toured throughout Europe, the United States, Africa, and, well, just about anywhere you can imagine. But what is it about reggae that endures and brings out the best in the human spirit? “Beyond the sense of hope, the music has a heartbeat. The rhythms touch the soul and, at Christmas, that connection is more important than ever.” That sentiment is shared by Caleb Hart, who will appear alongside Fearon at their coming Christmas show. “First off, I grew up listening to Clinton Fearon. I was born in Tobago and the music...I call it Island soul... was a huge part of who I am. I always dreamed of performing with Clinton, and I finally have the chance this Christmas. It’s my own special Christmas gift,” Hart says. Hart has managed to make his own mark on the reggae scene, having toured Australia, the U.S., New Zealand, Europe, Africa and the Caribbean for just over a decade. In that time, he’s played an astounding 1,150 shows and says that he loves the music a bit more with every performance. “I released my latest album, recently. It was all written and performed here in Victoria and it’s a brief journey through the Caribbean. Island Soul is epitomized in the release and I’m looking forward to performing some of it at the concert,” he says. “The Christmas concert and reggae are, to me, a perfect blend. The spirit of Christmas is, at its heart, the same spirit that Christmas is meant to embody,” Hart says. “I know that we’ll be able to touch people with the music.” The Acoustic Reggae Holiday Celebration happens Friday, Dec. 13 at the White Eagle Polish Hall (90 Dock St.). Tickets are available at ticketweb.ca/event/acoustic-reggae-holiday-celebration-ft-white-eagle-polish-hall-tickets.NEW YORK — Stoli Group USA, the owner of the namesake vodka , has filed for bankruptcy as it struggled to contend with slowing demand for spirits, a major cyberattack that has snarled its operations and several years of fighting Russia in court. The company in its bankruptcy filing said it is “experiencing financial difficulties” and lists between $50 million and $100 million in liabilities. Stoli vodka and Kentucky Owl bourbon will continue to be available on store shelves while the company navigates the Chapter 11 process, which only pertains to its U.S. business. Until 2022, Stoli was sold as Stolichnaya in the United States, which loosely translates to “capital city” in Russian. The company shortened its title following Russia’s invasion of Ukraine and boycotts against Russian-branded vodkas . Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from that nation in 2000 because of his opposition to President Vladimir Putin. Intel announced on December 2 that CEO Pat Gelsinger has resigned after a difficult stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals. The liquor has long been marketed as a Russian vodka, but its production facilities have been in Latvia for several decades. Stoli Group is a unit of Luxembourg-based SPI Group, which owns other spirit and wine brands. “The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’” Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing. Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.” A slowdown in demand for alcohol has crushed several company’s bottom lines following the pandemic when people were stuck at home and stocked up. Stoli’s filings said that it has seen a “decline and softening of demand for alcohol and spirits products post-Covid and especially beginning in 2023 and continuing into 2024.” Stoli Group USA, maker of Stoli vodka, has filed for bankruptcy due to slowing demand for spirits, a major cyberattack, and ongoing legal battles with Russia. The-CNN-WireTM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Get the latest local business news delivered FREE to your inbox weekly.
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