The J. M. Smucker Company Announces Cash Tender OffersThousands of protesters marched in the Georgian capital Tbilisi Saturday for the 10th day of rallies sparked by a disputed election and the government's decision to shelve EU accession talks. Demanding fresh elections and a return to European integration, the demonstrators headed towards parliament, undeterred by a police crackdown on pro-EU protesters and attacks on the opposition. The Caucasus nation has been engulfed in turmoil since the governing Georgian Dream party declared victory in a disputed October 26 election. The government last week said it would suspend talks to join the European Union, sparking a fresh wave of demonstrations. Its critics accuse it of creeping authoritarianism and of steering the country back towards Russia. Georgia's pro-Western President Salome Zurabishvili -- at loggerheads with the ruling party -- said on social media she had had "in-dept discussion" with the US president-elect Donald Trump and French counterpart Emmanuel Macron in Paris. She said they had discussed the "stolen election and extremely alarming repression against the people of Georgia. "Underscored the need for a strong US," she added. "The Georgian people have a friend in Donald Trump." Ukraine's leader Volodymyr Zelensky -- whose country has been fighting a Russian invasion for almost three years -- said Saturday he fully backed Georgia's anti-government protesters. Zelensky urged Tbilisi to stop "surrendering" to Moscow in a meeting with Zurabishvili in Paris. He has warned of Russian influence in Georgia for months. Zurabishvili has denounced widespread fraud in October's parliamentary polls, branding the freshly elected legislature and government "illegitimate". Blowing horns and whistles, pro-European protesters marched Saturday from Tbilisi State University towards parliament, blocking one of the city's main traffic arteries, an AFP reporter saw. As on previous nights, some demonstrators banged on the metal barriers blocking the parliament's entrance. Others pointed laser beams at the building and the police blocking the adjacent streets. "They are trying to arrest us, punish us, but we won't back down, we are not afraid," said 19-year-old protester Giorgi Romanadze. "This is our last chance to be free, to be happy. We want Europe, and Europe only." Some demonstrators held signs reading "We demand free and fair elections" and "Free all unjustly arrested," as calls for stronger international backing grew louder among the protesters. "We are fighting for our freedom... and we want the international community to help us," said 32-year-old Teona Chakvetadze. "We need the international community to sanction our oligarchs and this illegitimate government.... We can't win this fight on our own." Independent television station Pirveli reported that dozens of masked men had severely beaten its journalists. Police officers stood by without intervening during the incident near the protest venue. The opposition alliance, For Change, released CCTV footage showing the masked men raiding its office and badly beating opposition figure Koba Khabazi. The Georgian Dream government's security forces had faced persistent accusations of deploying plainclothes security agents to target and attack political opponents. The crackdown has triggered outrage at home and mounting international condemnation. Officers have made hundreds of arrests, including 48 at a protest on Friday. The country's rights ombudsman has accused the police of "torture" against those detained, with scores reporting mistreatment or showing visible injuries. With both sides ruling out a compromise, there appeared to be no clear route out of the crisis. The United States, France and Germany are among the Western countries to have denounced the crackdown on protests, but the government has refused to back down. Prime Minister Irakli Kobakhidze has praised his security forces after several opposition party offices were raided and their leaders arrested. "We have won an important battle against liberal fascism in our country," he told journalists, using language reminiscent of Kremlin rhetoric against its political opponents. Demonstrators have rejected Kobakhidze's characterisation of the protest movement. Thousands have also staged daily protests in other parts of Georgia, including the cities of Batumi, Kutaisi, Rustavi, Zugdidi, and Telavi, local media reported. Critics of Georgian Dream are enraged by what they call its betrayal of the country's bid for EU membership, enshrined in the constitution and supported by around 80 percent of the population. Georgian Dream, in power for more than a decade, has advanced controversial legislation in recent years, targeting civil society and independent media and curbing LGBTQ rights. Brussels has warned that such policies are incompatible with EU membership, while domestic detractors accuse the government of copying Russia's playbook. ub-im/jj(Bloomberg) -- David Sacks, President-elect Donald Trump’s surprise pick to guide policy on artificial intelligence and cryptocurrency, doesn’t have deep ties to either industry or an extensive track record of investing in them. What he does have, though, is even more important in the eyes of technology investors — a tech-friendly worldview and a long history of skepticism about government regulation. Most Read from Bloomberg “He will ensure the United States is at the cutting edge of innovation,” said Keith Rabois, who celebrated with Sacks at a private home in Miami Thursday night. Sacks will keep the country from falling behind China, and will protect “newly emerging tech from left-wing censorship and bias,” Rabois said. The appointment of Sacks, a major Trump fundraiser, was not widely anticipated in Silicon Valley. The VC has only made a handful of crypto investments, and isn’t seen as a key player in the industry. He’s also made relatively few AI bets, though he’s a backer of xAI, the startup helmed by Elon Musk that has raised more than $10 billion this year. But Sacks has long been critical of too much government involvement in the affairs of private companies. The 52-year-old founder of VC firm Craft Ventures and member of the so-called PayPal Mafia has been one of the loudest right-leaning voices in the industry for years. The pick is seen as a boon to the startup world, where AI and crypto executives view government intervention as a potential existential threat. US action against crypto companies has driven many startups overseas. And AI leaders have worried that overly burdensome regulations could stifle the fledgling industry in the name of safety. Crypto supporters celebrated the selection, which Trump said would give startups regulatory clarity. “Crypto and AI are two of the United States’ most pressing strategic priorities right now, and David Sacks is one of the only people in the world that is uniquely qualified to lead in this pivotal role,” said Kyle Samani, a managing partner at Multicoin Capital, where Sacks is an investor. Sacks will be an “invaluable asset in shaping the nation’s future,” Samani said. Startup competition Trump has signaled that he’ll take a friendly approach to both crypto and AI. Bitcoin has hit all-time highs since his election, and he has vowed to repeal President Biden’s 2023 AI executive order that requires developers to safety-test new models. AI is also a focus for Musk, a key Trump ally and a longtime friend of Sacks. Investor Marc Andreessen, whose firm invests heavily in both industries, was ebullient at Sacks’ pick. “From the Wright Brothers to Starship With Chopsticks, in just a single election,” Andreessen wrote on X on Thursday night, referencing SpaceX’s latest achievement of landing re-usable starships. OpenAI Chief Executive Officer Sam Altman also struck a celebratory note, writing on X, “congrats to czar @DavidSacks!” But there’s been some trepidation over Sacks’ allegiances in the AI world. Sacks’ Craft Ventures is an investor in Musk’s xAI, and Sacks’ ties to Musk have raised questions about how he would treat rival companies in the fiercely competitive industry. Sacks has previously spoken critically of OpenAI, a key xAI competitor. In a now-deleted post on X, Sacks said, “I’m all in favor of accelerating technological progress, but there is something unsettling about the way OpenAI explicitly declares its mission to be the creation of AGI.” AGI, or artificial general intelligence, refers to AI technology that can perform most tasks better than humans. Sacks did not respond to a request for comment on the post. Sacks and Trump allies say that involvement in the industry is a prerequisite for understanding it, and that some perceptions of conflict of interest will be inevitable. “I think we should take people at their word,” said Shaun Maguire, an investor at the prestigious Sequoia Capital, which has backed both xAI and OpenAI. Sacks “won’t harm any competitors,” he said. Sacks’ other bets include BitGo and Bitwise in the crypto world. In AI, Sacks co-founded a startup called Glue that makes chat software for companies, and he’s invested in developer startup Replit Inc. and AI writing tool CopyAI Inc. Sacks will not leave Craft, a spokeswoman said, and the new czar position will function as an advisory role, rather than a full-time government job. The appointment won’t require Sacks to divest or publicly disclose his assets. Like Musk, Sacks will be a special government employee. He can serve a maximum of 130 days per year, with or without compensation. However, conflict of interest rules apply to special government employees, and Sacks would be required to recuse himself from matters that could impact his holdings. Tech-Friendly There’s a long history of technology officials taking advisory roles to the government, said Silicon Valley historian Margaret O’Mara. But the roles don’t always have a clear mandate. “You can have a title, but if you don’t actually have a budget or people reporting to you, it’s something more ambiguous,” O’Mara said, pointing out that Sacks would not be a White House staff member. “Sometimes it does morph into something that has some power to it.” Some industry observers would have preferred the crypto and AI czar positions to be separate — a move that might have telegraphed the importance of each, and reflected the different risks and rewards of both technologies. “While I am very encouraged by the new administration’s crypto-friendly focus, I would have preferred separate crypto and AI czars,” said Campbell Harvey, finance professor at Duke University. “Both need urgent, dedicated attention,” he said. Sacks has forged a more wide-ranging career, rather than focusing on just AI or crypto. He first made a name for himself at PayPal, the payments company whose founders in the late 1990s included Musk and billionaire investor Peter Thiel. During a stint in Hollywood, he produced the 2005 satire Thank You for Smoking. At Craft, his venture firm with stakes in Musk-owned businesses including SpaceX, he has invested widely as well as serving as a host of the All-In podcast. His comments about crypto on the podcast have not been universally positive, but he has discouraged attempts to penalize or control industry players. “The fact of the matter is you’ve got a lot of brilliant young entrepreneurs, computer scientists building this financial infrastructure of the future with crypto,” he said in a podcast episode in 2021. “We don’t necessarily want to interfere with that to the point where we break it.” He’s also made significant money on crypto. Craft Ventures invested in Samani’s Multicoin Capital in 2018, which in turn was an early investor in the Solana cryptocurrency. The token was worth less than a dollar when it launched in 2020, but notched a peak price of around $250 in late 2021. “It will end up being about $1 billion of Solana for us in terms of returns,” Sacks said at the time. More recently, in a November episode of the podcast after Trump’s election, Sacks took aim at the Securities and Exchange Commission’s aggressive positions on crypto under its chair, Gary Gensler. “The days of Gensler terrifying crypto companies — those days are about to be over.” --With assistance from Shirin Ghaffary, Olga Kharif, Katie Roof and Jackie Davalos. (Updates with historian's comment in 15th paragraph.) Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.
Is a UN Security Council resolution key to Syria's future?
Salesforce Earnings, Revenue Top Estimates, Guidance In Line
Washington Nationals win lottery for No. 1 pick in next amateur baseball draft, Angels No. 2Syrian insurgents reach the capital's suburbs. Worried residents flee and stock up on supplies BEIRUT (AP) — Insurgents’ stunning march across Syria is gaining speed with news that they have reached the suburbs of the capital of Damascus. The government on Saturday was forced to deny rumors that President Bashar Assad had fled the country. The rebels’ moves around Damascus were reported by an opposition war monitor and a rebel commander. They came after the Syrian army withdrew from much of southern part of the country, leaving more areas, including two provincial capitals, under the control of opposition fighters. The advances in the past week were among the largest in recent years by opposition factions. The factions are by a group that has its origins in al-Qaida and is considered a terrorist organization by the U.S. and the United Nations. An archbishop's knock formally restores Notre Dame to life as winds howl and heads of state look on PARIS (AP) — France’s iconic Notre Dame Cathedral has formally reopened its doors for the first time since a devastating fire nearly destroyed the 861-year-old landmark in 2019. The five-year restoration is widely seen as a boost for French President Emmanuel Macron, who championed the ambitious timeline, and brings a welcome respite from his domestic political woes. World leaders, dignitaries, and worshippers gathered on Saturday evening for the celebrations under the cathedral's soaring arches. The celebration was attended by 1,500 dignitaries, including President-elect Donald Trump, Britain’s Prince William, and Ukrainian President Volodymyr Zelenskyy. For Catholics, Notre Dame’s rector said the cathedral “carries the enveloping presence of the Virgin Mary, a maternal and embracing presence.′′ Trump is welcomed by Macron to Paris with presidential pomp and joined by Zelenskyy for their talks PARIS (AP) — French President Emmanuel Macron has welcomed Donald Trump to Paris with a full dose of presidential pomp. And they held a hastically-arranged meeting with Ukraine’s Volodymyr Zelenskyy on a day that's mixing pageantry with attention to pressing global problems. The president-elect's visit to France is part of a global a celebration of the reopening of Notre Dame Cathedral five years after a devastating fire. Macron and other European leaders are trying to win Trump’s favor and persuade him to maintain support for Ukraine in its defense against Russia’s invasion. Trump isn't back in office but he's already pushing his agenda and negotiating with world leaders NEW YORK (AP) — Donald Trump is making threats, traveling abroad, and negotiating with world leaders. He has more than a month-and-a-half to go before he’s sworn in for a second term. But the president-elect is already moving aggressively to not only fill his Cabinet and outline policy goals, but also to try to achieve his priorities. In recent days, Trump has threatened to impose a 25% tariff on goods from Canada and Mexico, two of the country’s largest trading partners. That led to emergency calls and a visit. And he's warned of “ALL HELL TO PAY” if Hamas doesn't release the hostages still being held captive in Gaza. South Korea's president avoids an impeachment attempt over short-lived martial law SEOUL, South Korea (AP) — South Korea’s embattled President Yoon Suk Yeol has avoided an opposition-led attempt to impeach him over his short-lived imposition of martial law. Most of Yoon's ruling party lawmakers boycotted a parliamentary vote Saturday to deny a two-thirds majority needed to suspend his presidential powers. The scrapping of the motion is expected to intensify protests calling for Yoon’s ouster and deepen political chaos in South Korea. A survey suggests a majority of South Koreans support the president’s impeachment. Yoon’s martial law declaration drew criticism from his own ruling conservative People Power Party. But the party also apparently fears losing the presidency to liberals. Days after gunman killed UnitedHealthcare's CEO, police push to ID him and FBI offers reward NEW YORK (AP) — Nearly four days after the shooting of UnitedHealthcare CEO Brian Thompson, police still do not know the gunman’s name or whereabouts or have a motive for the killing. But they have made some progress in their investigation into Wednesday's killing of the leader of the largest U.S. health insurer, including that the gunman likely left New York City on a bus soon after fleeing the scene. The also found that the gunman left something behind: a backpack that was discovered in Central Park. Police are working with the FBI, which on Friday night announced a $50,000 reward for information leading to an arrest and conviction. UnitedHealthcare CEO's shooting opens a door for many to vent frustrations over insurance The fatal shooting of UnitedHealthcare's CEO has opened the door for many people to vent their frustrations and anger over the insurance industry. The feelings of exasperation, anger, resentment, and helplessness toward insurers aren’t new. But the shooting and the headlines around it have unleashed a new wave of patients sharing such sentiments and personal stories of interactions with insurance companies. Conversations at dinner tables, office water coolers, social gatherings and on social media have pivoted to the topic. Many say they hope the new amplified voices can bring about change for companies often accused of valuing profits over people. 2 Pearl Harbor survivors, ages 104 and 102, return to Hawaii to honor those killed in 1941 attack PEARL HARBOR, Hawaii (AP) — The bombing of Pearl Harbor 83 years ago launched the United States into World War II. Two survivors returned to the Hawaii military base on Saturday for a remembrance ceremony on the attack's anniversary. Both are over 100 years old. They joined active-duty troops, veterans and members of the public for an observance hosted by the Navy and the National Park Service. A third survivor was planning to join them but had to cancel due to health issues. The bombing killed more than 2,300 U.S. servicemen. An explosion destroys an apartment block in a Dutch city, killing at least 3 and injuring others THE HAGUE, Netherlands (AP) — An explosion and fire has rocked a neighborhood in the Dutch city of The Hague, killing three people and injuring other people and destroying several apartments. The cause of the disaster is unclear. Emergency authorities said four people were rescued from the rubble and taken to the hospital. The mayor said rescuers were no longer looking for survivors but for eventual bodies, but could not specify how many people might still be unaccounted for. Residents of the northeastern neighborhood of Mariahoeve in The Hague heard a huge bang and screams before dawn. Dutch authorities have deployed a specialized urban search and rescue team to find victims. How 'Mufasa' rose with Aaron Pierre and Blue Ivy's voices along with new Lin-Manuel Miranda music SAN DIEGO (AP) — When Aaron Pierre was cast as Mufasa, the weight of following in the late James Earl Jones’ legendary footsteps was enough to rattle any actor. But instead of letting the pressure roar too loudly, he harnessed his nerves to breathe fresh life into his young lion character. Pierre found parallels between himself and his character while filming his leading role in “Mufasa: The Lion King,” which opens in theaters Dec. 20. He took the reigns as the new voice of Mufasa after Jones played the iconic King Mufasa in both the 1994 and 2019 versions of Disney’s “The Lion King.” The prequel offers a fresh exploration into Mufasa’s origin story.Hackers have taken over the website of the National Bureau of Statistics (NBS), underscoring increased cyberattacks in the country. According to Check Point Software Technologies, a cyber security platform provider, Nigerian industries have seen a sharp rise in cyberattacks. In July, the country ranked 19th in the global rankings for attacks. It noted that government agencies face 1,791 weekly attacks. A visit to the NBS’s website reveals ‘Page Hacked’ on an otherwise blank page. Confirming the attack, the NBS tweeted on Thursday night, “This is to inform the public that the NBS Website has been hacked, and we are working to recover it. Please disregard any message or report posted until the website is fully restored.” Growing digitisation has exposed government agencies and other sectors to cyber attacks. Nigeria’s growing digital economy is facing escalating threats from hackers, prompting the Federal Government to issue at least 33 cyberattack advisories in the past year. “The rapid digitalisation of Africa’s key sectors has positioned the continent as a prime target for sophisticated cyber threats,” stated Lionel Dartnall, acting Country Manager for South Africa at Check Point Software Technologies. Kashifu Inuwa, director-general of the National Information Technology Development Agency, recently stated, “As we digitise, we know that there is a big threat to our cyber security. There are a lot of criminal activities happening in cyberspace, so as we build, we need to build with security in mind.” Attacks on government agencies usually become ransomware attacks, with hackers exchanging hacked data for money. In 2024, South Africa’s government entities saw a 90 percent surge in ransomware attacks, with 3,312 weekly attacks.
MINING.COM’s ranking of world’s 50 most valuable miners enjoyed a combined market capitalization of $1.51 trillion at the end of Q3, up by single digits since the start of the year compared to rip-roaring broader US and world markets. Much of the drag on the index comes from the top – the mining industry’s traditional Big 5 – BHP, Rio Tinto, Glencore, Vale and Anglo American. With the exception of Anglo, which received a fillip from BHP’s approach, the stocks are deep in the red for 2024. Together, the large diversified companies have lost nearly $60 billion in value this year. One bad week – say copper retreats further and iron ore goes into double digits – would see them hit new 52-week lows. As the table shows, on a longer horizon their underperformance is even more startling. In the past these stocks would consistently occupy the top five slots in the ranking, supported by vast asset portfolios covering a range of commodities across many regions. In a boom and bust industry that was the key to success (if not survival) for companies that trace roots back many decades if not more than a century. In a new report, Boston Consulting Group points out mining companies’ underperformance over the last decade when only about one in four companies delivered a total shareholder return (TSR) greater than the bellwether MSCI World Index and return on capital has been equally inferior: “In their pursuit of growth, miners triggered price crashes that destroyed value. Given this performance, it’s not surprising that many investors commonly view mining companies as a “trade,” and that many active and specialist investors have abandoned the market.” While the industry faces many common challenges including grade fade, geopolitical and policy uncertainty, particularly in permitting (more than 90% of exploration projects fail to turn into physical mines), climate disruption, and social pressures, BCG’s study of 77 companies across commodities and regions did find some industry darlings. The top-quartile performers, many of them based in frontier jurisdictions, achieved an average TSR of 22% over the past decade (year-end 2013 through year-end 2023), outperforming the other industry participants by 18 percentage points. While the first quartile were able to deliver stellar results through revenue growth and margin expansion, the mining majors have been unable to increase production to a meaningful extent, and margins shrank on average by around 20%, says BCG. BCG sees two reasons for the struggles of the majors: “First, their strategic choices have limited their degree of freedom. The focus on large, long-life, and low-cost assets may have improved their resilience through cycles, but good assets alone do not yield TSR outperformance. The focus on low-risk jurisdictions has constrained their ability to quickly develop and access high-grade ore. “Furthermore, their reluctance to invest in smaller (and somewhat easier to build) mines has made it harder for them to adapt to development challenges and consistently deliver steady growth. “In addition, diversification has increased the complexity of the majors’ businesses without an apparent corresponding payoff for shareholders. By complexity, we mean everything from organizational structure and business systems to different types of operations and value-chain integration.” BCG’s remedies for this drag on performance include “having a playbook for value-creating M&A,” committing to new locations and adopting new mining methods: The process of simplifying operations, shedding assets, spin-offs and the like is well underway at the top tier. But as BHP’s failed takeover of Anglo, which indeed did come with demands for non-core asset sales and divestment from certain locations, shows value-creating M&A is easier said than done.Where other brands have stumbled out of the gate since the COVID-19 pandemic, facing headwinds of over-betting on the public's appetite for battery-electric vehicles, Hyundai's U.S. arm is thriving. "In the U.S., we set a new retail sales record in Q3 with a 5 percent increase over last year and we are on pace for our fourth-consecutive annual U.S. retail sales record driven by a year-to-date 43 percent increase in hybrid sales and 30 percent growth for electric vehicles. We set total sales records in November for five of our newest products - Santa Fe HEV, Tucson PHEV , Tucson HEV, IONIQ 5 and Elantra N," Randy Parker, CEO of Hyundai Motor America (HMA) told Newsweek . HEV vehicles are hybrids while PHEVs are plug-in hybrid electric vehicles. N is the company's branding for its performance-centric models. In an interview with Newsweek , the Olabisi Boyle, senior vice president of product planning and mobility strategy at Hyundai Motor North America (HMNA), explained that the company puts its success down to three things: a commitment to technology, powertrain diversity, and product evolution. "One of the biggest things we did was invest the discipline and the details to enable management based on market conditions. And, this group is very good at doing that detailed governance." she said. She highlighted that the governance has been led by Jose Muñoz, the new CEO of the Hyundai brand globally and former head of HMNA, saying that he led efforts to make the company's supply chain, manufacturing, products and sales strategy agile. Parker was appointed CEO of HMA in 2022 having previously been the head of sales for the company. For the 2025 model year, the company is not resting on its laurels. The Ioniq 5 N sports-centric high-riding hatchback and Ioniq 9 battery-electric three-row sport utility vehicle (SUV) debuted. The Ioniq 5 and Santa Cruz truck received some enhancements while the Tucson small SUV got a facelift. "Our strategy for product and our lineup has been a commitment to the electrification future. But we always knew there would be early adopter battery-electric vehicle intenders and that there would be a transition point to the early majority so we ensured we were prepared with various powertrain options to accommodate the early majority transition to battery-electric vehicles." she said, explaining that affordability didn't matter as much for early adopters as it does for the next group of buyers, a group called the "early majority" that represents 34 percent of the public. Hyundai and its sister brand Kia are known for offering customers choice when it comes to powertrains, a move that allows them to adopt electrification at their own pace and stay within the familiar confines of the brand. "A lot of Hyundai's success in 2024 stems from it giving the market exactly what consumers are looking for right now: hybrids and affordability. On the hybrid side of things, Hyundai has one of the most robust lineups of hybrids and plug-in hybrids in the industry — across a wide variety of vehicle types. For the many shoppers resisting going full electric, these hybrid options give them efficiency without compromises, and that's leading to healthy sales numbers," Dave Undercoffler, editor-in-chief of Autolist told Newsweek . "In terms of affordability, Hyundai has the Venue, Kona, and Elantra all starting under $25,000, which is pulling in younger buyers, people who might have otherwise shopped used, and those many consumers who are feeling squeezed by inflation and interest rates and who don't want huge monthly payments. When we look at our data, the biggest annual sales growth for new vehicles year over year is coming from the $20,000 - $30,000 range; Hyundai has a lot to serve buyers in that price band," he said.Amid rising national security concerns, U.S. authorities are exploring a potential ban on TP-Link Technology Co, a China-based company, from selling its internet routers in the American market. This development was reported by the Wall Street Journal on Wednesday based on sources acquainted with the situation. In a letter disclosed by Reuters, two U.S. lawmakers in August urged a comprehensive investigation into TP-Link and its affiliates, citing fears of these Wi-Fi routers facilitating cyber attacks on U.S. soil. This has led to separate probes by the Commerce, Defense, and Justice departments, according to the report, targeting a sales embargo on TP-Link routers possibly as early as next year. The Commerce Department has already issued a subpoena to TP-Link, while the Defense Department has initiated an inquiry into Chinese-manufactured routers earlier this year, informed the report. Notably, Netgear, a rival company, saw its shares rise over 12% following these reports and increased scrutiny. (With inputs from agencies.)
"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" To keep reading, please log in to your account, create a free account, or simply fill out the form below.
DETROIT (AP) — General Motors said Tuesday it will retreat from the robotaxi business and stop funding its money-losing Cruise autonomous vehicle unit. Instead the Detroit automaker will focus on development of partially automated driver-assist systems for personal vehicles like its Super Cruise, which allows drivers to take their hands off the steering wheel. GM said it would get out of robotaxis “given the considerable time and resources that would be needed to scale the business, along with an increasingly competitive robotaxi market.” The company said it will combine Cruise's technical team with its own to work on advanced systems to assist drivers. GM bought control of San Francisco-based Cruise automation in 2016 with high hopes of developing a profitable fleet of robotaxis. Over the years GM invested billions in the subsidiary and eventually bought 90% of the company from investors, all while racking up millions in losses. GM’s brushoff of Cruise represents a dramatic about-face from years of full-blown support that left a huge financial dent in the automaker. The company invested $2.4 billion in Cruise only to sustain years of uninterrupted losses, with little in return. Since GM bought a controlling stake in Cruise for $581 million in 2016, the robotaxi service piled up more than $10 billion in operating losses while bringing in less than $500 million in revenue, according to GM shareholder reports filed with the Securities and Exchange Commission. The automaker even announced plans for Cruise to generate $1 billion in annual revenue by 2025, but it scaled back spending on the company after one of its autonomous Chevrolet Bolts dragged a San Francisco pedestrian who was hit by another vehicle in 2023. The California Public Utilities Commission alleged Cruise then covered up details of the crash for more than two weeks. The embarrassing incident resulted in Cruise’s license to operate its driverless fleet in California being suspended by regulators and triggered a purge of its leadership — in addition to layoffs that jettisoned about a quarter of its workforce . GM CEO Mary Barra told analysts on a conference call Tuesday the the new unit will focus on personal vehicles and developing systems that can drive by themselves in certain circumstances. The company has agreements to buy another 7% of Cruise and intends to buy the remaining shares so it owns the whole company. The move is another step back from autonomous vehicles, which have proved far harder to develop than companies once anticipated. Two years ago, crosstown rival Ford Motor Co. disbanded its Argo AI autonomous vehicle venture in Pittsburgh that it co-owned with Volkswagen. At the time the company said it didn’t see a path to profitability for a number of years. Yet other companies are pressing forward with plans to deploy autonomous vehicles and expanding their services. Alphabet Inc.'s Waymo is accelerating plans to broaden its robotaxi service beyond areas of metropolitan Phoenix, San Francisco and Los Angeles. Last week the company said it would begin testing its driverless Jaguars in Miami next year, with plans to start charging for rides in 2026. The move comes less than a month after Waymo opened up its robotaxi service to anyone looking for a ride in an 80-square-mile (129 square kilometer) area of Los Angeles. Waymo also has plans to launch fleets in Atlanta and Austin next year in partership with ride-hailing leader Uber. In April, a company called Aurora Innovation plans to start hauling freight on Texas freeways using fully driverless semis. Tesla CEO Elon Musk has said his company plans to have autonomous Models Y and 3 running without human drivers next year. Robotaxis without steering wheels using Tesla's “Full Self-Driving” system would be available in 2026 starting in California and Texas, he said. But an investigation by the National Highway Traffic Safety Administration into Full Self-Driving's ability to see in low visibility conditions cast doubt on whether Teslas are ready to be deployed without humans behind the wheel. The agency began the investigation in October after getting reports of four crashes involving “Full Self-Driving” when Teslas encountered sun glare, fog and airborne dust. An Arizona pedestrian was killed in one of the crashes. GM said it will work with Cruise’s leadership to restructure the company and refocus Cruise’s operations on driver assist systems. The company expects the restructuring to reduce spending by more than $1 billion annually. Cruise has about 2,300 employees and will retain a presence in San Francisco, GM said. It’s too early to talk about employment levels until the restructuring is completed next year, a spokesman said. Dave Richardson, senior vice president of software and services engineering, said Cruise will bring its software, artificial intelligence and sensor development to GM to team up on improving GM’s driver-assist systems. “We want to leverage what already has been done as we go forward, and we think we can do that very effectively,” Barra said. Shares of GM rose about 3% in trading after Tuesday's closing bell. They are up about 47% for the year. AP Technology Writer Michael Liedtke in San Francisco contributed to this report.Kemi Badenoch's top nine gaffes in first 50 days as Tory leader - sandwich row to Partygate claim
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Major stock indexes rose on Wall Street in afternoon trading Monday, after a choppy start to a holiday-shortened week. The S&P 500 rose 0.6%. The Dow Jones Industrial Average recovered from an early slide to gain 29 points, or 0.1% as of 3:40 p.m. Eastern time. The tech-heavy Nasdaq composite rose 0.8%. Gains in technology and communications stocks helped outweigh losses in consumer goods companies and elsewhere in the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 3.3%. Broadcom climbed 5.5% to also help support the broader market. Walmart fell 2% and PepsiCo slid 1.2%. Japanese automakers Honda Motor and Nissan said they are talking about combining in a deal that might also include Mitsubishi Motors. U.S.-listed shares in Honda jumped 13.4%, while Nissan slipped 0.2%. Eli Lilly rose 3.5% after announcing that regulators approved Zepbound as the first and only prescription medicine for adults with sleep apnea. Department store Nordstrom fell 1.6% after it agreed to be taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. The Conference Board said that consumer confidence slipped in December. Its consumer confidence index fell back to 104.7 from 112.8 in November. Wall Street was expecting a reading of 113.8. The unexpectedly weak consumer confidence update follows several generally strong economic reports last week. One report showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The latest report on unemployment benefit applications showed that the job market remains solid. A report on Friday said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected. Worries about inflation edging higher again had been weighing on Wall Street and the Fed. The central bank just delivered its third cut to interest rates this year, but inflation has been hovering stubbornly above its target of 2%. It has signaled that it could deliver fewer cuts to interest rates next year than it earlier anticipated because of concerns over inflation. Expectations for more interest rate cuts have helped drive a roughly 25% gain for the S&P 500 in 2024. That drive included 57 all-time highs this year. Inflation concerns have added to uncertainties heading into 2025, which include the labor market's path ahead and shifting economic policies under an incoming President Donald Trump. "Put simply, much of the strong market performance prior to last week was driven by expectations that a best-case scenario was the base case for 2025," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.59% from 4.53% late Friday. European markets were mostly lower, while markets in Asia gained ground. Wall Street has several other economic reports to look forward to this week. On Tuesday, the U.S. will release its November report for sales of newly constructed homes. A weekly update on unemployment benefits is expected on Thursday. Markets in the U.S. will close at 1 p.m. Eastern on Tuesday for Christmas Eve and will remain closed on Wednesday for Christmas.
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